Common use of Informal Negotiation Clause in Contracts

Informal Negotiation. In the event of any dispute, claim, or controversy arising out of, relating to, or concerning Agreement, You and PBB agree to seek resolution by good faith and informal negotiations. Full particulars in writing must be submitted to PBB within six (6) months after the date of the event giving rise to the dispute, claim, or controversy. No proceeding may be commenced by either You or PBB before completion of the informal negotiation process. If the dispute, claim, or controversy is not resolved through good faith informal negotiations, You or PBB shall submit a written request for arbitration to the other party invoking the Subsection immediately below titled “Arbitration.” Informal negotiations shall not relieve or reduce the substantive obligations and liabilities of You or PBB or be deemed a waiver by either party of any remedies to which such party is otherwise entitled. No assertion, representation comment, remark, or other statement of You or PBB made in connection with informal negotiations held for or related to settlement purposes shall be introduced into evidence, whether such attempt(s) occurs during a trial, any other evidentiary proceeding, as part of dispositive motions, or otherwise. The statute of limitations with respect to any dispute, claim, or controversy referenced in this section titled “Informal Negotiations” shall be tolled during the time informal negotiations regarding the dispute, claim, or controversy are pending.