Financial Issue Resolution Process Clause Samples
The Financial Issue Resolution Process clause establishes a formal procedure for addressing and resolving financial disputes or discrepancies that may arise between parties under an agreement. Typically, this process outlines steps such as notification of the issue, a period for negotiation or discussion, and, if necessary, escalation to mediation or arbitration. By providing a clear and structured method for handling financial disagreements, this clause helps prevent misunderstandings and ensures that conflicts are managed efficiently and fairly.
Financial Issue Resolution Process. Disputes between FAAC and the Members’ Representative, that cannot be resolved by negotiation within thirty (30) days after receipt by FAAC of the Members’ Representative’s notice in accordance with Section 2.4(d) shall be referred no later than such 30th day for decision to a nationally recognized independent public accounting firm mutually selected by the Members’ Representative and FAAC (the “Auditor”) who shall act as arbitrator and determine, based solely on presentations by the Members’ Representative and FAAC and only with respect to the remaining differences so submitted. If such accounting firm cannot be identified within ten (10) business days after the identification of the need for dispute resolution, the dispute shall be resolved in accordance with Section 11.11. The Auditor shall deliver its written determination to FAAC and the Members’ Representative no later than the 30th day after the remaining differences underlying the dispute are referred to the Auditor, or such longer period of time as the Auditor determines is necessary. The Auditor’s determination shall be conclusive and binding upon the parties. The fees and disbursements of the Auditor shall be allocated equally between FAAC and the Members’ Representative. FAAC and the Members shall make readily available to the Auditor all relevant information, books and records and any work papers relating to the dispute and all other items reasonably requested by the Auditor. In no event may the Auditor’s resolution of any difference be for an amount that is outside the range of FAAC’s and the Members’ Representative’s disagreement.
Financial Issue Resolution Process. Disputes between FSAC and the Shareholders’ Representative, that cannot be resolved by negotiation within thirty (30) days after receipt by FSAC of the Shareholders’ Representative’s notice in accordance with Sections 2.2(c) or 2.3(d) shall be referred no later than such 30th day for decision to a nationally-recognized independent public accounting firm mutually selected by the Shareholders’ Representative and FSAC (which firm shall not be either (a) RSM McGladrey or (b) ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP, and provided that each party discloses to the other parties any pre-existing relationships with any accounting firms prior to the mutual selection of an accounting firm) (the “Auditor”) who shall act as arbitrator and determine, based solely on presentations by the Shareholders’ Representative and FSAC and only with respect to the remaining differences so submitted. If such accounting firm cannot be identified within ten (10) business days after the identification of the need for dispute resolution, the dispute shall be resolved in accordance with Section 11.11. The Auditor shall deliver its written determination to FSAC and the Shareholders’ Representative no later than the 30th day after the remaining differences underlying the dispute are referred to the Auditor, or such longer period of time as the Auditor determines is necessary. The Auditor’s determination shall be conclusive and binding upon the parties. The fees and disbursements of the Auditor shall be allocated equally between FSAC and the Shareholders’ Representative. FSAC and the Shareholders shall make readily available to the Auditor all relevant information, books and records and any work papers relating to the dispute and all other items reasonably requested by the Auditor. In no event may the Auditor’s resolution of any difference be for an amount that is outside the range of FSAC’s and the Shareholders’ Representative’s disagreement.
Financial Issue Resolution Process. Disputes between Parent and the Shareholder Representative relating to accounting matters under Section 2.5 of this Agreement that cannot be resolved by negotiation in accordance with Section 2.5(e) shall be definitely and finally determined by a nationally or regionally recognized firm of independent public accountants agreed upon by both Parent and the Shareholder Representative (the “Accounting Firm”), who shall act as experts as to accounting matters and not as arbitrators and whose determination shall be final and binding strictly with respect to matters dependent only on accounting issues. Parent and the Shareholder Representative shall select, by mutual agreement, the Accounting Firm if the stated accounting firm is unwilling to serve, and the Accounting Firm shall have agreed in writing to serve in such capacity pursuant to the terms herein described, within 10 days following the end of the applicable resolution period described in Section 2.5(e). The resolution of any disputed item(s) as to accounting matters and the determination of the Closing Cash or the Closing Indebtedness, as the case may be, shall be completed by the Accounting Firm within 30 days following the time the dispute is submitted to it. The Accounting Firm’s determination of the Closing Cash and Closing Indebtedness shall be completed in a manner consistent with GAAP as applied by Company in accordance with past practices. The fees and expenses associated with the Accounting Firm’s determination shall be allocated between Parent and Surviving Corporation, on the one hand, and the Company Shareholders, on the other hand, based on the percentage which the portion of the contested amount not awarded of such party bears to the amount actually contested by such party.
Financial Issue Resolution Process. Disputes between ATS and the Shareholders that cannot be resolved by negotiation within thirty (30) days after receipt by ATS of the Shareholders’ notice in accordance with Section 2.3(d) or within ninety (90) days after the end of the Initial Earn Out Period or Second Earn Out Period referred to in Section 2.2(c), shall be referred for resolution to a recognized independent public accounting firm mutually selected by the Shareholders and ATS (the “Auditor”), which shall act as arbitrator and determine a resolution of the dispute, based solely on presentations by the Shareholders and ATS and only with respect to the remaining differences so submitted. If such accounting firm cannot be identified within ten (10) business days after the identification of the need for dispute resolution, the dispute shall be resolved in accordance with Section 11.11. The Auditor shall deliver its written determination to ATS and the Shareholders no later than the 30th day after the remaining differences underlying the dispute are referred to the Auditor, or such longer period of time as the Auditor determines is necessary. The Auditor’s determination shall be conclusive and binding upon the parties. The fees and disbursements of the Auditor shall be allocated equally between ATS and the Shareholders. ATS and the Shareholders shall make readily available to the Auditor all relevant information, books and records and any work papers relating to the dispute and all other items reasonably requested by the Auditor. In no event may the Auditor’s resolution of any difference be for an amount that is outside the range of ATS’ and the Shareholders’ disagreement.
Financial Issue Resolution Process. Disputes between ATS and the Shareholders that cannot be resolved by negotiation within thirty (30) days after receipt by ATS of the Shareholders’ notice in accordance with Section 2.3(d) or within ninety (90) days after the end of the Initial Earn Out Period or Second Earn Out Period referred to in Section 2.2(c), shall be referred for resolution to a recognized independent public accounting firm mutually selected by the Shareholders and ATS (the “Auditor”), which shall act as arbitrator and determine a resolution of the dispute, based solely on presentations by the Shareholders and ATS and only with respect to the remaining differences so submitted. If such accounting firm cannot be identified within ten (10) business days after the identification of the need for dispute resolution, the dispute shall be resolved in accordance with Section 11.11. The Auditor shall deliver its written determination to ATS and the Shareholders no later than the 30th day after the remaining differences underlying the dispute are referred to the Auditor, or such longer period of time as the Auditor determines is necessary. The Auditor’s determination shall be conclusive and binding upon the parties. The fees and disbursements of the Auditor shall be allocated equally between ATS and the Shareholders. ATS and the Shareholders shall make readily available to the Auditor all relevant information, books and records and any work papers relating to the dispute and all other items reasonably requested by the Auditor. In no event may the Auditor’s resolution of any difference be for an amount that is outside the range of ATS’ and the Shareholders’ disagreement.