Initial Resolution Efforts Clause Samples
The Initial Resolution Efforts clause requires parties to attempt to resolve disputes informally before pursuing formal legal action. Typically, this involves notifying the other party of the issue and engaging in good faith discussions or negotiations to find a mutually acceptable solution, such as through meetings or written correspondence. This clause helps prevent unnecessary litigation by encouraging early communication and problem-solving, ultimately saving time and resources for both parties.
Initial Resolution Efforts. The parties shall act in good faith and use commercially reasonable efforts to promptly resolve any claim, dispute, controversy or disagreement (each a “Dispute”) between the parties or any of their respective subsidiaries, affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby.
Initial Resolution Efforts. 7.1.1. Prior to referring any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, termination or validity (a “Dispute”) to arbitration, the party wishing to make such reference shall notify in writing the other Party of the existence and nature of the Dispute (a “Dispute Notice”) and its proposed basis for settlement of such Dispute.
7.1.2. For a period of 30 days following service of the Dispute Notice, the Parties shall take steps to resolve the Dispute (“Cooling-Off Period”).
7.1.3. If the Dispute is not earlier resolved during the Cooling-Off Period, the Party in receipt of the Dispute Notice shall respond to such Dispute Notice within 14 days of expiry of the Cooling-Off Period (“Response Period”), including its proposed basis for settlement.
7.1.4. An executive officer of each Party shall then meet within 10 days of expiry of the Response Period to attempt to settle the Dispute. No statement as to a Party's proposed basis for settlement may be relied upon or referred to in later proceedings (except for the terms of any agreed settlement between the Parties). _____________ 5 Note to Draft: Percentage to be inserted on signing of this Agreement and to reflect ▇▇’▇▇▇▇’▇ Ownership Percentage at Closing.
Initial Resolution Efforts. Prior to referring any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its breach, existence, termination or validity (for the purposes of this Clause 32 (Arbitration), a "Dispute") to arbitration, the Party or Parties wishing to make such reference shall notify in writing the other Party or Parties of the existence and nature of the Dispute (for the purposes of this Clause 32 (Arbitration), a "Dispute Notice") and its / their proposed basis for settlement of such Dispute. The Dispute Notice shall state which other Parties the notifying Party or Parties consider(s) to be parties to the Dispute.
Initial Resolution Efforts. In the event of a dispute, the parties agree to first attempt to resolve the issue amicably through direct negotiation. A formal meeting for resolution should be scheduled within 15 days of one party notifying the other of the dispute.
Initial Resolution Efforts. In the event of any dispute, controversy, or claim arising out of or relating to this Agreement, Users and DiginamiX Pty Ltd (trading as Fintelect) agree to attempt to resolve the dispute amicably by discussing the matter in good faith. Users are encouraged to contact DiginamiX at ▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇.▇▇ to report any issues or concerns, allowing both parties to seek a mutually satisfactory resolution.