Common use of Legislative, Regulatory or Administrative Change Clause in Contracts

Legislative, Regulatory or Administrative Change. In the event ------------------------------------------------ there is a change in any federal, state, or local statute, law, regulation, legislation, rule, policy, or general instruction, or a change in any third party reimbursement system, or a ruling, judgment, or decree by any court, agency, or other governing body having jurisdiction over either Party (hereafter in this clause (d), a "ruling") which materially and adversely affects, or is reasonably likely to affect, the manner in which either Party is to perform or be compensated for its services under this agreement or which shall make this agreement unlawful, the Parties shall immediately use their best efforts to enter into a new service arrangement or basis for compensation for the services furnished pursuant to this agreement that complies with that change and approximates as closely as possible the economic position of the Parties prior to such change or ruling. If the Parties are unable to reach a new agreement within a reasonable period of time following the date upon which it becomes reasonably certain that such change will arise or ruling will be given, then either Party may submit the issue to arbitration which shall be binding on the parties and subject to the then-applicable Commercial Arbitration Rules of the American Arbitration Association. In any such arbitration, the arbitrators shall be consist of a panel of three arbitrators, which shall act by majority vote and which shall consist of one arbitrator selected by the Party on one side of the issue subject to the arbitration, one arbitrator selected by the Party on the other side of the issue, and a third arbitrator selected by the two arbitrators so selected, who shall be either a certified public accountant or an attorney at law licensed to practice in the State of Wisconsin and who shall act as chairman of the arbitration panel; provided that if the Party on one side of the issue selects its arbitrator for the panel and the other Party fails to so select its arbitrator within 10 business days after being requested by the first Party to do so, then the sole arbitrator shall be the arbitrator selected by the first Party. All costs and expenses of arbitration shall be borne by the Parties as determined by the arbitrator or arbitration panel, except that the fees of any arbitrator on an arbitration panel who is selected individually by a Party shall be borne separately by the Party appointing him; provided that if one Party fails to select an arbitrator for a panel, and the sole arbitrator is the arbitrator selected by the other Party, then the fees of that arbitrator shall be borne by the Parties as determined by that arbitrator.

Legislative, Regulatory or Administrative Change. In the event ------------------------------------------------ there is a change in any federal, state, or local statute, law, regulation, legislation, rule, policy, or general instruction, or a change in any third party reimbursement system, or a ruling, judgment, or decree by any court, agency, or other governing body having jurisdiction over either Party (hereafter in this clause (d), a "ruling") which materially and adversely affects, or is reasonably likely to affect, the manner in which either Party is to perform or be compensated for its services under this agreement or which shall make this agreement unlawful, the Parties shall immediately use their best efforts to enter into a new service arrangement or basis for compensation for the services furnished pursuant to this agreement that complies with that change or ruling and approximates as closely as possible the economic position of the Parties prior to such change or ruling. If the Parties are unable to reach a new agreement within a reasonable period of time following the date upon which it becomes reasonably certain that such change will arise or ruling will be given, then either Party may submit the issue to arbitration which shall be binding on the parties and subject to the then-applicable Commercial Arbitration Rules of the American Arbitration Association. In any such arbitration, the arbitrators shall be consist of a panel of three arbitrators, which shall act by majority vote and which shall consist of one arbitrator selected by the Party on one side of the issue subject to the arbitration, one arbitrator selected by the Party on the other side of the issue, and a third arbitrator selected by the two arbitrators so selected, who shall be either a certified public accountant or an attorney at law licensed to practice in the State of Wisconsin Minnesota and who shall act as chairman of the arbitration panel; provided that if the Party on one side of the issue selects its arbitrator for the panel and the other Party fails to so select its arbitrator within 10 business days after being requested by the first Party to do so, then the sole arbitrator shall be the arbitrator selected by the first Party. All costs and expenses of arbitration shall be borne by the Parties as determined by the arbitrator or arbitration panel, except that the fees of any arbitrator on an arbitration panel who is selected individually by a Party shall be borne separately by the Party appointing him; provided that if one Party fails to select an arbitrator for a panel, and the sole arbitrator is the arbitrator selected by the other Party, then the fees of that arbitrator shall be borne by the Parties as determined by that arbitrator.

Legislative, Regulatory or Administrative Change. In the event ------------------------------------------------ If (a) there is a (i) any change in any federal, state, or local statute, law, regulation, legislation, rule, policy, or general instruction, or a change in any third party reimbursement system, or a (ii) any ruling, judgment, decree, or decree interpretation by any court, agency, or other governing body having jurisdiction over either Party (hereafter in any such case, for purposes of this clause (d), a "ruling"“Regulatory Matter”), and (b) which such Regulatory Matter materially and adversely affects, or is reasonably likely to affect, the manner in which either Party is to perform or be compensated for its services under this agreement Agreement or which shall make this agreement Agreement unlawful, the Parties shall immediately use their best efforts to enter into a new service arrangement or basis for compensation for the services furnished pursuant to this agreement Agreement that complies with that change such Regulatory Matter and approximates as closely as possible the economic position of the Parties prior to such change or rulingRegulatory Matter. If the Parties are unable to reach a new agreement within a reasonable period of time following the date upon which it becomes reasonably certain that such change Regulatory Matter will arise or ruling will be givenarise, then either Party may submit the issue to arbitration which shall be binding on the parties Parties and subject to the then-applicable Commercial Arbitration Rules of the American Arbitration Association. In any such arbitration, the arbitrators shall be consist of a panel of three arbitrators, which shall act by majority vote and which shall consist of one arbitrator selected by the Party on one side of the issue subject to the arbitration, one arbitrator selected by the Party on the other side of the issue, and a third arbitrator selected by the two arbitrators so selected, who shall be either a certified public accountant or an attorney at law licensed to practice in the State of Wisconsin Minnesota and who shall act as chairman of the arbitration panel; provided that if the Party on one side of the issue selects its arbitrator for the panel and the other Party fails so to so select its arbitrator within 10 business days after being requested by the first Party to do so, then the sole arbitrator shall be the arbitrator selected by the first Party. All costs and expenses of arbitration shall be borne by the Parties as determined by the arbitrator or arbitration panel, except that the fees of any arbitrator on an arbitration panel who is selected individually by a Party shall be borne separately by the Party appointing him; provided that if one Party fails to select an arbitrator for a panel, and the sole arbitrator is the arbitrator selected by the other Party, then the fees of that arbitrator shall be borne by the Parties as determined by that arbitrator.

Legislative, Regulatory or Administrative Change. In the event ------------------------------------------------ there is a change in any federal, state, or local statute, law, regulation, legislation, rule, policy, or general instruction, or a change in any third party reimbursement system, or a ruling, judgment, or decree by any court, agency, or other governing body having jurisdiction over either Party (hereafter in this clause (d), a "“ruling"”) which materially and adversely affects, or is reasonably likely to affect, the manner in which either Party is to perform or be compensated for its services under this agreement or which shall make this agreement unlawful, the Parties shall immediately use their best efforts to enter into a new service arrangement or basis for compensation for the services furnished pursuant to this agreement that complies with that change and approximates as closely as possible the economic position of the Parties prior to such change or ruling. If the Parties are unable to reach a new agreement within a reasonable period of time following the date upon which it becomes reasonably certain that such change will arise or ruling will be given, then either Party may submit the issue to arbitration which shall be binding on the parties and subject to the then-applicable Commercial Arbitration Rules of the American Arbitration Association. In any such arbitration, the arbitrators shall be consist of a panel of three arbitrators, which shall act by majority vote and which shall consist of one arbitrator selected by the Party on one side of the issue subject to the arbitration, one arbitrator selected by the Party on the other side of the issue, and a third arbitrator selected by the two arbitrators so selected, who shall be either a certified public accountant or an attorney at law licensed to practice in the State of Wisconsin and who shall act as chairman of the arbitration panel; provided that if the Party on one side of the issue selects its arbitrator for the panel and the other Party fails to so select its arbitrator within 10 business days after being requested by the first Party to do so, then the sole arbitrator shall be the arbitrator selected by the first Party. All costs and expenses of arbitration shall be borne by the Parties as determined by the arbitrator or arbitration panel, except that the fees of any arbitrator on an arbitration panel who is selected individually by a Party shall be borne separately by the Party appointing him; provided that if one Party fails to select an arbitrator for a panel, and the sole arbitrator is the arbitrator selected by the other Party, then the fees of that arbitrator shall be borne by the Parties as determined by that arbitrator.