Approved Engineering Firm Deadlock Sample Clauses

Approved Engineering Firm Deadlock. In the event of any deadlock in respect of selecting an Approved Engineering Firm to carry out a feasibility study in respect of a Material Capital Project or Excluded Development/Exploration Property, such matter shall be resolved as follows: (i) at the written request of the Party wishing to complete a feasibility study, each of Barrick Member and Newmont Member will within five Business Days of such written request propose up to two qualified internationally recognized engineering firms to complete the feasibility study; (ii) if any one or more engineering firms has been proposed by both of Barrick Member and Newmont Member, then any such common firm shall be deemed to be an Approved Engineering Firm; (iii) if there is no common engineering firm that has been proposed by both Barrick Member and Newmont Member, then representatives of Barrick Member and Newmont Member will negotiate in good faith to select a qualified internationally recognized engineering firm to complete the feasibility study (which firm may be one of the firms previously proposed or not); and (iv) if the deadlock is not resolved within 30 days of the commencement of negotiations in clause (iii), the matter shall be submitted to the Dispute Committee. The Dispute Committee will attempt in good faith to resolve such matter within 21 days of it being referred to them. If the Dispute Committee is able to resolve such matter, then, the engineering firm agreed by the Dispute Committee shall be deemed to be an Approved Engineering Firm. If the Dispute Committee is unable to resolve such matter within such 21-day period, the Party wishing to complete a feasibility study shall be entitled to select the engineering firm of its choice, acting reasonably and taking into consideration any concerns expressed during the deadlock process, from among the firms proposed in clause (i) above.