Claim Resolution Procedure Clause Samples

Claim Resolution Procedure. If a Claim arises, the parties shall first attempt to settle the Claim by direct discussions. If the Claim cannot be settled by the parties by direct discussions, then the parties agree to endeavor to settle the Claim in an amicable manner by mediation administered by the American Arbitration Association under its Commercial Mediation Rules. Thereafter, any unresolved controversy or Claim arising from or relating to this Agreement or a breach of this Agreement shall be resolved as provided by law. 9.5 Special Remedies for Noncompetition and Confidentiality Violations. Breach of the noncompetition agreement or the confidentiality agreement set forth in Article 7 will result in irreparable harm to Buyer which cannot be reasonably or adequately compensated by damages. Therefore, in addition to any other remedy or right Buyer may have (including rights and remedies at law or in equity, including recovery of damages), Buyer shall have the following rights: (i) right to an immediate injunction or other equitable relief enjoining any threatened or actual breach, and (ii) the right to recover liquidated damages from each person or entity in breach of the noncompetition agreement or the confidentiality agreement in an amount of $500.00 per day for each day of breach. The amount of liquidated damages is based on the reasonable and informed estimate by Buyer and Sellers of the anticipated actual damages that the Buyer would suffer for a violation by each person or entity. In the event of Sellers' breach or anticipated breach of the noncompetition and confidentiality provisions of this Agreement, Buyer is not required to comply with Claim Notice and Cure Period provision (set forth in Section 9.3) and the Claim Resolution Procedure provision (set forth in Section 9.4).