General Escalation Procedure Clause Samples

General Escalation Procedure. Prior to commencing any arbitration proceedings as provided in Section 8.2 the Parties will attempt to resolve any dispute arising out of this Agreement, including the breach, termination or invalidity thereof (a “Dispute”) through good faith negotiations, as follows: (a) either Party may send written notice to the other with a copy to MSMS or MUMSS as appropriate, specifying the nature of the Dispute in reasonable detail and requesting negotiations in respect of such Dispute; (b) for a period of twenty (20) Business Days after the receipt of any such notice, the Parties shall discuss the Dispute in an effort to resolve it; and (c) failing resolution of such Dispute within the twenty (20) Business Day period referred to in Section 8.1(b), the representatives of either Party may promptly submit a written statement of the Dispute to the respective CEOs of MUFG and MS for joint resolution by them; (d) failing resolution of a Dispute within twenty (20) Business Days after the submission of a written statement as referred to in Section 8.1(c), the Dispute shall be finally resolved by binding arbitration in accordance with Section 8.2.