Common use of Settlement of Disputes between Contracting Parties Clause in Contracts

Settlement of Disputes between Contracting Parties. 1. The Contracting Parties shall seek, in good faith and in a spirit of cooperation, to find a prompt and fair solution to any dispute between them regarding the interpretation or application of this agreement. In this regard, the Contracting Parties agree to enter into direct and constructive negotiations to reach solutions. In the event that the Contracting Parties fail to reach an agreement within six (6) months from the beginning of the dispute between them through the aforementioned methods, then the dispute may be submitted, upon the request of either party, to an arbitration panel consisting of three members.

Settlement of Disputes between Contracting Parties. 11 . The Contracting Parties shall seek, seek in good faith and in a spirit of cooperation, to find cooperation a prompt rapid and fair equitable solution to any dispute between them regarding concerning the interpretation or application of this agreementAgreement. In this regard, the Contracting Parties agree to enter into engage in direct and constructive meaningful negotiations to reach arrive at such solutions. In the event that If the Contracting Parties fail to cannot reach an agreement within six (6) months from after the beginning of the dispute between them themselves through the aforementioned methodsforegoing procedure, then the dispute may be submitted, upon the request of either partyContracting Party, to an arbitration panel consisting arbitral tribunal of three members.