Common use of Dispute Resolution and Escalation Procedure Clause in Contracts

Dispute Resolution and Escalation Procedure. 1. The Parties shall attempt to resolve disputes between them arising out of or relating to this Agreement in a constructive manner that reflects the concerns and legitimate interests of each Party at the appropriate levels of authority within each Party prior to the initiation of judicial proceedings. In particular, the Parties shall aim to settle a dispute already at the appropriate level and within the appropriate framework with the objective of avoiding the need to invoke this Dispute Resolution and Escalation Procedure. 2. Either Party may initiate the Dispute Resolution and Escalation Procedure by giving written notice to the other Party as specified below, except where a specific dispute resolution proce- dure is specified in the relevant documentation. It is the expectation of the Parties that each step as follows is completed within a reasonabletimeframe: (a) Step 1: if the parties to the dispute cannot find a mutually agreeable solution to a dispute at working level, a party to the dispute may escalate the issue to the NECSG and the T2S Board; (b) Step 2: the NECSG and the T2S Board shall discuss the issue within the respective body. If the dispute has not been resolved and if the initiator belongs to the NECSG, the NECSG may propose to the T2S Board that the dispute is escalated to Step 3(a) or 3(b), or if the initiator belongs to the T2S Board, the T2S Board may propose that the dispute is escalated to Step 3(a) or 3(b); (c) Step 3(a): the NECSG shall meet with the chairperson of the T2S Board. In considering the issue, the NECSG may request the advice of the CSG and/or the AG. If the NECSG and the chairperson of the T2S Board come to a mutually agreeable solution, the pro- posed solution must be submitted to the T2S Board for endorsement. Where the NECSG and the chairperson of the T2S Board have not found a mutually agreeable solution, the issue may be escalated to Step 3(b); Step 3(b): the T2S Board shall meet with the NECSG member of the Connected NCB(s) in dispute with the Eurosystem or, if deemed appropriate considering the subject-matter of the dispute, with all NECSG members. Following agreement of the parties, one or more expert panels may be established on an ad hoc basis which shall provide advice on technical issues relevant to a dispute. In addition, the T2S Board may seek advice from the CSG and/or the AG. If a mutually agreeable solution cannot be found, the issue may be escalated to the Governors’ Forum by any Party withoutdelay; (d) Step 4: if a dispute is escalated to the Governors’ Forum, it may seek advice of the CSG and/or the AG. Following agreement of the Governors’ Forum, one or more expert panels may be established on an ad hoc basis which shall provide advice especially on technical issues relevant to a dispute in order to assist in finding a solution to the dispute. If the Governors’ Forum agrees on a solution, the proposed solution must be submitted to the Governing Council and the governing bodies of the respective Connected NCBs for en- dorsement; (e) Step 5: where despite the Eurosystem’s commitment to settle disputes in an amicable way and to facilitate that all Connected NCBs can fulfil their statutory, legal and regulatory responsibilities within the Lean Scope of T2S in a technically viable way, there is an in- surmountable obstacle to a consensual solution, the Governing Council and the relevant Connected NCB may to terminate the CPA in accordance with the relevant provisions of Article 39. 3. At each stage of the escalation process and without prejudice to the mandate of the Xxxxx- xxxx’ Forum, adequate consideration shall be given to related matters that are the subject of similar escalation procedures between the Eurosystem and a Participating CSD in relation to T2S. 4. The details of the NECSG’s mandate are specified in Annex 1 to Schedule8.

Dispute Resolution and Escalation Procedure. 1. The Parties shall attempt to resolve disputes between them arising out of or relating to this Agreement in a constructive manner that reflects the concerns and legitimate interests of each Party at the appropriate levels of authority within each Party prior to the initiation of judicial proceedings. In particular, the Parties shall aim to settle a dispute dis- pute already at the appropriate level and within the appropriate framework with the objective of avoiding the need to invoke this Dispute Resolution and Escalation ProcedurePro- cedure. 2. Either Party may initiate the Dispute Resolution and Escalation Procedure by giving written notice to the other Party as specified below, except where a specific dispute resolution proce- dure procedure is specified in the relevant documentation. It is the expectation of the Parties that each step as follows is completed within a reasonabletimeframereasonable timeframe: (a) Step 1: if the parties to the dispute cannot find a mutually agreeable solution to a dispute at working level, a party to the dispute may escalate the issue to the NECSG and the T2S BoardMIB; (b) Step 2: the T2S NECSG and the T2S Board MIB shall discuss the issue within the respective body. If the dispute has not been resolved and if the initiator belongs to the T2S NECSG, the T2S NECSG may propose to the T2S Board MIB that the dispute is escalated to Step 3(a) or 3(b), or if the initiator belongs to the T2S BoardMIB, the T2S Board MIB may propose that the dispute is escalated to Step 3(a) or 3(b); (c) Step 3(a): the T2S NECSG shall meet with the chairperson of the T2S BoardMIB. In considering consid- ering the issue, the T2S NECSG may request the advice of the T2S CSG and/or the AGAMI-SeCo. If the T2S NECSG and the chairperson of the T2S Board MIB come to a mutually mu- tually agreeable solution, the pro- posed proposed solution must be submitted to the T2S Board MIB for endorsement. Where the T2S NECSG and the chairperson of the T2S Board MIB have not found a mutually agreeable solution, the issue may be escalated to Step 3(b); Step 3(b): the T2S Board MIB shall meet with the T2S NECSG member Member of the Connected NCB(s) that have joined T2S in dispute with the Eurosystem or, if deemed appropriate considering consid- ering the subject-matter of the dispute, with all T2S NECSG membersMembers. Following agreement of the parties, one or more expert panels may be established on an ad hoc basis which shall provide advice on technical issues relevant to a dispute. In addition, the T2S Board MIB may seek advice from the T2S CSG and/or the AGAMI-SeCo. If a mutually agreeable solution cannot be found, the issue may be escalated to the Governors’ Forum by any Party withoutdelaywithout delay; (d) Step 4: if a dispute is escalated to the Governors’ Forum, it may seek advice of the T2S CSG and/or the AGAMI-SECO. Following agreement of the Governors’ Forum, one or more expert panels may be established on an ad hoc basis which shall provide advice especially on technical issues relevant to a dispute in order to assist in finding a solution to the dispute. If the Governors’ Forum agrees on a solution, the proposed solution must be submitted to the Governing Council and the governing gov- erning bodies of the respective Connected non-euro area NCBs in T2S for en- dorsementendorsement; (e) Step 5: where despite the Eurosystem’s commitment to settle disputes in an amicable ami- cable way and to facilitate that all Connected non-euro area NCBs in T2S can fulfil their statutorystatu- tory, legal and regulatory responsibilities within the Lean Scope of T2S in a technically tech- nically viable way, there is an in- surmountable insurmountable obstacle to a consensual solution, the Governing Council and the relevant Connected non-euro area NCB in T2S may to terminate termi- nate the CPA in accordance with the relevant provisions of Article 390. 3. At each stage of the escalation process and without prejudice to the mandate of the Xxxxx- xxxxGovernors’ Forum, adequate consideration shall be given to related matters that are the subject of similar escalation procedures between the Eurosystem and a Participating Participat- ing CSD in relation to T2S. 4. The details of the T2S NECSG’s mandate are specified in Annex 1 to Schedule8Schedule 8 (Governance).

Dispute Resolution and Escalation Procedure. 1. The Parties shall attempt to resolve disputes between them arising out of or relating to this Agreement in a constructive manner that reflects the concerns and legitimate interests of each Party at the appropriate levels of authority within each Party prior to the initiation of judicial proceedings. In particular, the Parties shall aim to settle a dispute already at the appropriate level and within the appropriate framework with the objective of avoiding the need to invoke this Dispute Resolution and Escalation Procedure. 2. Either Party may initiate the Dispute Resolution and Escalation Procedure by giving written notice to the other Party as specified below, except where a specific dispute resolution proce- dure is specified in the relevant documentation. It is the expectation of the Parties that each step as follows is completed within a reasonabletimeframe: (a) Step 1: if the parties to the dispute cannot find a mutually agreeable solution to a dispute at working level, a party to the dispute may escalate the issue to the NECSG and the T2S Board; (b) Step 2: the NECSG and the T2S Board shall discuss the issue within the respective body. If the dispute has not been resolved and if the initiator belongs to the NECSG, the NECSG may propose to the T2S Board that the dispute is escalated to Step 3(a) or 3(b), or if the initiator belongs to the T2S Board, the T2S Board may propose that the dispute is escalated to Step 3(a) or 3(b); (c) Step 3(a): the NECSG shall meet with the chairperson of the T2S Board. In considering the issue, the NECSG may request the advice of the CSG and/or the AG. If the NECSG and the chairperson of the T2S Board come to a mutually agreeable solution, the pro- posed solution must be submitted to the T2S Board for endorsement. Where the NECSG and the chairperson of the T2S Board have not found a mutually agreeable solution, the issue may be escalated to Step 3(b); Step 3(b): the T2S Board shall meet with the NECSG member of the Connected NCB(s) in dispute with the Eurosystem or, if deemed appropriate considering the subject-matter of the dispute, with all NECSG members. Following agreement of the parties, one or more expert panels may be established on an ad hoc basis which shall provide advice on technical issues relevant to a dispute. In addition, the T2S Board may seek advice from the CSG and/or the AG. If a mutually agreeable solution cannot be found, the issue may be escalated to the Governors’ Forum by any Party withoutdelaywithout delay; (d) Step 4: if a dispute is escalated to the Governors’ Forum, it may seek advice of the CSG and/or the AG. Following agreement of the Governors’ Forum, one or more expert panels may be established on an ad hoc basis which shall provide advice especially on technical issues relevant to a dispute in order to assist in finding a solution to the dispute. If the Governors’ Forum agrees on a solution, the proposed solution must be submitted to the Governing Council and the governing bodies of the respective Connected NCBs for en- dorsement; (e) Step 5: where despite the Eurosystem’s commitment to settle disputes in an amicable way and to facilitate that all Connected NCBs can fulfil their statutory, legal and regulatory responsibilities within the Lean Scope of T2S in a technically viable way, there is an in- surmountable obstacle to a consensual solution, the Governing Council and the relevant Connected NCB may to terminate the CPA in accordance with the relevant provisions of Article 39. 3. At each stage of the escalation process and without prejudice to the mandate of the Xxxxx- xxxx’ Forum, adequate consideration shall be given to related matters that are the subject of similar escalation procedures between the Eurosystem and a Participating CSD in relation to T2S. 4. The details of the NECSG’s mandate are specified in Annex 1 to Schedule8Schedule 8.

Dispute Resolution and Escalation Procedure. 1. The Parties shall attempt to resolve disputes between them arising out of or relating to this Agreement in a constructive manner that reflects the concerns and legitimate interests of each Party at the appropriate levels of authority within each Party prior to the initiation of judicial proceedings. In particular, the Parties shall aim to settle a dispute already at the appropriate level and within the appropriate framework with the objective of avoiding the need to invoke this Dispute Resolution and Escalation Procedure. 2. Either Party may initiate the Dispute Resolution and Escalation Procedure by giving written notice to the other Party as specified below, except where a specific dispute resolution proce- dure is specified in the relevant documentation. It is the expectation of the Parties that each step as follows is completed within a reasonabletimeframereasonable timeframe: (a) Step 1: if the parties to the dispute cannot find a mutually agreeable solution to a dispute at working level, a party to the dispute may escalate the issue to the NECSG and the T2S Board; (b) Step 2: the NECSG and the T2S Board shall discuss the issue within the respective body. If the dispute has not been resolved and if the initiator belongs to the NECSG, the NECSG may propose to the T2S Board that the dispute is escalated to Step 3(a) or 3(b), or if the initiator belongs to the T2S Board, the T2S Board may propose that the dispute is escalated to Step 3(a) or 3(b); (c) Step 3(a): the NECSG shall meet with the chairperson of the T2S Board. In considering the issue, the NECSG may request the advice of the CSG and/or the AG. If the NECSG and the chairperson of the T2S Board come to a mutually agreeable solution, the pro- posed solution must be submitted to the T2S Board for endorsement. Where the NECSG and the chairperson of the T2S Board have not found a mutually agreeable solution, the issue may be escalated to Step 3(b); Step 3(b): the T2S Board shall meet with the NECSG member of the Connected NCB(s) in dispute with the Eurosystem or, if deemed appropriate considering the subject-matter of the dispute, with all NECSG members. Following agreement of the parties, one or more expert panels may be established on an ad hoc basis which shall provide advice on technical issues relevant to a dispute. In addition, the T2S Board may seek advice from the CSG and/or the AG. If a mutually agreeable solution cannot be found, the issue may be escalated to the Governors’ Forum by any Party withoutdelaywithout delay; (d) Step 4: if a dispute is escalated to the Governors’ Forum, it may seek advice of the CSG and/or the AG. Following agreement of the Governors’ Forum, one or more expert panels may be established on an ad hoc basis which shall provide advice especially on technical issues relevant to a dispute in order to assist in finding a solution to the dispute. If the Governors’ Forum agrees on a solution, the proposed solution must be submitted to the Governing Council and the governing bodies of the respective Connected NCBs for en- dorsement; (e) Step 5: where despite the Eurosystem’s commitment to settle disputes in an amicable way and to facilitate that all Connected NCBs can fulfil their statutory, legal and regulatory responsibilities within the Lean Scope of T2S in a technically viable way, there is an in- surmountable obstacle to a consensual solution, the Governing Council and the relevant Connected NCB may to terminate the CPA in accordance with the relevant provisions of Article 39. 3. At each stage of the escalation process and without prejudice to the mandate of the Xxxxx- xxxx’ Forum, adequate consideration shall be given to related matters that are the subject of similar escalation procedures between the Eurosystem and a Participating CSD in relation to T2S. 4. The details of the NECSG’s mandate are specified in Annex 1 to Schedule8Schedule 8.

Dispute Resolution and Escalation Procedure. ‌ 1. The Parties shall attempt to resolve disputes between them arising out of or relating to this Agreement in a constructive manner that reflects the concerns and legitimate interests of each Party at the appropriate levels of authority within each Party prior to the initiation of judicial proceedings. In particular, the Parties shall aim to settle a dispute already at the appropriate level and within the appropriate framework with the objective of avoiding the need to invoke this Dispute Resolution and Escalation Procedure. 2. Either Party may initiate the Dispute Resolution and Escalation Procedure by giving written notice to the other Party as specified below, except where a specific dispute resolution proce- dure is specified in the relevant documentation. It is the expectation of the Parties that each step as follows is completed within a reasonabletimeframereasonable timeframe: (a) Step 1: if the parties to the dispute cannot find a mutually agreeable solution to a dispute at working level, a party to the dispute may escalate the issue to the NECSG and the T2S Board; (b) Step 2: the NECSG and the T2S Board shall discuss the issue within the respective body. If the dispute has not been resolved and if the initiator belongs to the NECSG, the NECSG may propose to the T2S Board that the dispute is escalated to Step 3(a) or 3(b), or if the initiator belongs to the T2S Board, the T2S Board may propose that the dispute is escalated to Step 3(a) or 3(b); (c) Step 3(a): the NECSG shall meet with the chairperson of the T2S Board. In considering the issue, the NECSG may request the advice of the CSG and/or the AG. If the NECSG and the chairperson of the T2S Board come to a mutually agreeable solution, the pro- posed solution must be submitted to the T2S Board for endorsement. Where the NECSG and the chairperson of the T2S Board have not found a mutually agreeable solution, the issue may be escalated to Step 3(b); Step 3(b): the T2S Board shall meet with the NECSG member of the Connected NCB(s) in dispute with the Eurosystem or, if deemed appropriate considering the subject-matter of the dispute, with all NECSG members. Following agreement of the parties, one or more expert panels may be established on an ad hoc basis which shall provide advice on technical issues relevant to a dispute. In addition, the T2S Board may seek advice from the CSG and/or the AG. If a mutually agreeable solution cannot be found, the issue may be escalated to the Governors’ Forum by any Party withoutdelaywithout delay; (d) Step 4: if a dispute is escalated to the Governors’ Forum, it may seek advice of the CSG and/or the AG. Following agreement of the Governors’ Forum, one or more expert panels may be established on an ad hoc basis which shall provide advice especially on technical issues relevant to a dispute in order to assist in finding a solution to the dispute. If the Governors’ Forum agrees on a solution, the proposed solution must be submitted to the Governing Council and the governing bodies of the respective Connected NCBs for en- dorsement; (e) Step 5: where despite the Eurosystem’s commitment to settle disputes in an amicable way and to facilitate that all Connected NCBs can fulfil their statutory, legal and regulatory responsibilities within the Lean Scope of T2S in a technically viable way, there is an in- surmountable obstacle to a consensual solution, the Governing Council and the relevant Connected NCB may to terminate the CPA in accordance with the relevant provisions of Article 39. 3. At each stage of the escalation process and without prejudice to the mandate of the Xxxxx- xxxx’ Forum, adequate consideration shall be given to related matters that are the subject of similar escalation procedures between the Eurosystem and a Participating CSD in relation to T2S. 4. The details of the NECSG’s mandate are specified in Annex 1 to Schedule8Schedule 8.