Common use of Negotiation and Arbitration Clause in Contracts

Negotiation and Arbitration. The parties shall attempt in good faith to resolve any controversy, and any alleged breach or default, arising out of or relating to this Agreement, promptly by confidential negotiations between persons who have complete authority to settle the matter in dispute as follows (the "Negotiations"). All Negotiations shall be treated as compromise and settlement negotiations for purposes of the relevant rules of evidence. A party shall give the other party certified mail return receipt requested written notice of any dispute ("Dispute Notice"). Within ten (10) days after delivery of the Dispute Notice, the receiving party shall submit to the other a written response ("Response"