Change in Laws and/or Regulations. In the event any applicable federal, state or local laws or any regulation, order or policy issued under any such laws, is changed (or judicial interpretation thereof is developed or changed) in a way which will have a material adverse effect on the benefits anticipated by one or more parties to this Agreement, the adversely affected party shall notify the other party in writing of such change and the effect of the change. If an agreement on a method for revising this Agreement is not reached within thirty (30) days of such written notice, the matter shall be submitted to a single arbitrator pursuant to the rules of procedures of the American Health Lawyers Association Alternative Dispute Resolution Service, who shall (i) structure an amendment to this Agreement which will leave the parties as nearly as possible in the same economic positions they would have been in under the original terms of this Agreement, had the change in the law, regulation, order or policy (or judicial interpretation thereof) not occurred; or (ii) if the arbitrator determines that the change is so fundamental that revision and continuation of this Agreement is not feasible, structure a termination of this Agreement that will return the parties as nearly as possible to the economic positions they would have been in had they not entered into this Agreement without altering in a material way the economic benefits realized during the period this Agreement was in effect.
Appears in 3 contracts
Samples: Fellow Employment Agreement, Fellow Employment Agreement, Resident Employment Agreement
Change in Laws and/or Regulations. In the event any applicable federal, state or local laws or any regulation, order or policy issued under any such laws, is changed (or judicial interpretation thereof is developed or changed) in a way which will have a material adverse effect on the benefits anticipated by one or more parties to this Agreement, the adversely affected party shall notify the other party in writing of such change and the effect of the change. The parties shall enter into good faith negotiations to revise this Agreement to compensate for such change. If an agreement on a method for revising this Agreement is not reached within thirty (30) days of such written notice, the matter shall be submitted to a single arbitrator pursuant to the rules of procedures of the American Health Lawyers Association Alternative Dispute Resolution Service, who shall (i) structure an amendment to this Agreement which will leave the parties as nearly as possible in the same economic positions they would have been in under the original terms of this Agreement, had the change in the law, regulation, order or policy (or judicial interpretation thereof) not occurred; or (ii) if the arbitrator determines that the change is so fundamental that revision and continuation of this Agreement is not feasible, structure a termination of this Agreement that will return the parties as nearly as possible to the economic positions they would have been in had they not entered into this Agreement without altering in a material way the economic benefits realized during the period this Agreement was in effect.
Appears in 2 contracts
Samples: Resident Employment Agreement, Resident Employment Agreement
