Common use of Dispute Identification and Resolution Procedure Clause in Contracts

Dispute Identification and Resolution Procedure. The parties agree that they will use the following procedure to identify and resolve Disputes between them: (a) either party may identify a dispute which is required to be subject to the Dispute Resolution Procedure pursuant to the Dispute Resolution Risk Mitigation Requirements by sending a Dispute Notice to the other party; and (b) on or following the Dispute Date, the parties will consult in good faith in an attempt to resolve the Dispute in a timely manner, including, without limitation, by exchanging any relevant information and by identifying and using any Agreed Process which can be applied to the subject of the Dispute or, where no such Agreed Process exists or the parties agree that such Agreed Process would be unsuitable, determining and applying a resolution method for the Dispute. Where the Dispute shall remain unresolved after the Agreed Process or the resolution method as determined by the parties has been applied, the parties shall, if so required by either party, refer the Dispute to arbitration in accordance with the Securities and Futures (Leveraged Foreign Exchange Trading - Arbitration) Rules.