Common use of Resolution of Disagreement Clause in Contracts

Resolution of Disagreement. Every statement given by Lessor pursuant to Section 4.4 shall be conclusive and binding upon Lessee unless within forty-five (45) days after the receipt of such statement Lessee shall notify Lessor that it disputes the correctness thereof, specifying the particular respects in which the statement is claimed to be incorrect. If such dispute shall not have been settled by agreement, the parties hereto shall submit the dispute to mediation within one hundred twenty (120) days after delivery of the statement, Lessee shall pay the amount due according to Lessor’s Statement, and such payment shall be without prejudice to Lessees position. Mediation shall be conducted in Salt Lake City in accordance with the Commercial Mediation Rules of the American Arbitration Association. If the dispute shall be determined in Lessee’s favor, Lessor shall forthwith pay Lessee the amount of Lessee’s overpayment of rents resulting from compliance with Lessor’s statement, including interest on disputed amounts at twelve percent (12%) per annum. Lessor agrees to grant Lessee reasonable access to Lessor’s books and records for the purpose of verifying operating expenses, and costs incurred by Lessor.

Resolution of Disagreement. Every statement given by Lessor pursuant to Section 4.4 shall be conclusive and binding upon Lessee unless within forty-five sixty (4560) days after the receipt of such statement Lessee shall notify Lessor that it disputes the correctness thereof, specifying the particular respects in which the statement is claimed to be incorrect. If such dispute shall not have been settled by agreement, the parties hereto shall submit the dispute to mediation within one hundred twenty (120) days after delivery of the statement, Lessee shall pay the amount due according to Lessor’s Statement, and such payment shall be without prejudice to Lessees position. Mediation shall be conducted in Salt Lake City in accordance with the Commercial Mediation Rules of the American Arbitration Association. If the dispute shall be determined in Lessee’s favor, Lessor shall forthwith pay Lessee the amount of Lessee’s overpayment of rents resulting from compliance with Lessor’s statement, including interest on disputed amounts at twelve percent (12%) per annum. Lessor agrees to grant Lessee reasonable access to Lessor’s books and records for the purpose of verifying operating expenses, and costs incurred by Lessor.