Open Negotiation definition

Open Negotiation means a process of non-confidential negotiations between the parties conducted by a neutral third party (the negotiator) to attempt to resolve their dispute. In the event the parties are unable to resolve some or all of the issues in the dispute, the negotiator reports the disputed issues to the court.
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Examples of Open Negotiation in a sentence

  • If, during the Open Negotiation Period, SMI receives a bona fide offer of terms with a Third Party that are acceptable to SMI for an agreement that includes Distribution of the New Product (a “Bona Fide Offer”), SMI shall notify and warrant to CryoLife in writing (an “Offer Notice”) of the receipt of a Bona Fide Offer prior to the termination of the Open Negotiation Period, which notice shall include the specific terms of such Bona Fide Offer.

  • During the Open Negotiation Period, the Company shall promptly respond to Finisar’s reasonable requests for documents and other information.

  • Following delivery of the Negotiation Notice and during the Open Negotiation Period, Finisar may (i) examine such documents and other materials of the Company as Finisar shall reasonably request (subject to usual and customary confidentiality terms) and (ii) submit an offer for a Sale Transaction to the Company.