Basis for Arbitration. The ceding company and the reinsurer mutually understand and agree that the wording and interpretation of this Agreement is based on the usual customs and practices of the insurance and reinsurance industry. While we agree to act in good faith in our dealings with each other, it is understood and recognized that situations arise in which we cannot reach an agreement. In the event that any dispute cannot be resolved to our mutual satisfaction, the dispute will first be subject to good-faith negotiation as described below in an attempt to resolve the dispute without the need to institute formal arbitration proceedings.
Appears in 7 contracts
Samples: Automatic Reinsurance Agreement (Agl Separate Account Vl-R), Automatic Reinsurance Agreement (Usl Separate Account Usl Vl-R), Automatic Reinsurance Agreement (Agl Separate Account Vl-R)
