Procedure to be followed by the CEOs Sample Clauses

Procedure to be followed by the CEOs. ‌ (1) As soon as practicable after a Participant has given notice under clause 12.2, the Participants are to cause a meeting to be held between the CEOs at which the CEOs are to endeavour to reach agreement on a timetable for: (a) the preparation of: (i) a valuation of the assets and liabilities of the MRC; and (ii) a business impact statement with respect to the impact of a withdrawal of the Participant on the business and affairs of the MRC; and (b) further meetings of the CEOs. (a) If the CEOs agree in writing on a timetable referred to in subclause (1), then the CEOs are to implement the agreed timetable with a view to each of them preparing a recommendation to their respective councils concerning the proposed withdrawal and the terms on which a withdrawal might be agreed. (b) The Participant which has given notice under clause 12.2 must meet the cost of the preparation of the valuation referred to in subclause (1). (3) If the CEOs do not agree in writing on a timetable within the Initial Period, then the dispute is to be submitted to mediation during the Second Period in accordance with, and subject to, The Institute of Arbitrators & Mediators Australia Mediation and Conciliation Rules. (4) If the CEOs fail to agree on a timetable referred to in subclause (1) by the end of the Second Period then the Participants have no further obligations to one another under this clause 12.3.
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