Proceeding and Final Determination Clause Samples
The 'Proceeding and Final Determination' clause defines the process by which disputes or issues under the agreement are formally addressed and ultimately resolved. Typically, this clause outlines the steps for initiating a proceeding, such as arbitration or litigation, and specifies how a final, binding decision is reached and enforced. For example, it may detail timelines for submissions, the authority of the decision-maker, and the effect of the final determination on the parties. Its core function is to provide a clear, structured mechanism for resolving disagreements, ensuring that both parties understand how disputes will be conclusively settled.
Proceeding and Final Determination. Promptly after expiry of the Submission Period, the Referee(s) shall offer such guidance to the Buyer and Seller, if any, that the Referee(s) consider(s) appropriate with a view toward progressing the negotiations between Buyer and Seller. If Buyer and Seller fail to agree within 10 days after both Parties have submitted their respective positions to the Referee(s), the Referee(s) shall, within 20 days thereafter, finally determine any such matter by selecting one of such two positions. In making the selection the Referee(s) shall reference the relevant metals industry trade publications and information sources referred to in Section 7.8(a). The Referee(s) shall share these information sources with Buyer and Seller no later than 5 days prior to making a final determination. If either Buyer or Seller fails to submit its respective position to the Referee(s) prior to the expiry of the Submission Period, the Referee(s) shall, promptly following expiry of such period, finally determine that the sole position submitted to him (them) shall prevail. Any such determination as described herein and otherwise made in accordance with this Agreement shall be final and binding on the Parties. Any such determination as described herein, whether of the single Referee, in case there is only one Referee, or the majority of the Referees, in case there are three Referees, and otherwise made in accordance with this Agreement, shall be final and binding on the Parties.
Proceeding and Final Determination. Promptly after expiry of the Submission Period, the Referee(s) shall offer such guidance to the Purchasers’ Agent and the Seller, if any, that the Referee(s) consider(s) appropriate with a view toward progressing the negotiations between the Purchasers’ Agent and the Seller. If the Purchasers’ Agent and the Seller fail to agree within 10 days after both Parties have submitted their respective positions to the Referee(s), the Referee(s) shall, within 20 days thereafter, finally determine any such matter by selecting one of such two positions, in whole and not in part. If either the Purchasers’ Agent or the Seller fails to submit its respective position to the Referee(s) prior to the expiry of the Submission Period, the Referee(s) shall, promptly following expiry of such period, finally determine that the sole position submitted to him (them) shall prevail. Any such determination as described herein, whether of the single Referee, in case there is only one Referee, or the majority of the Referees, in case there are three Referees, and otherwise made in accordance with this Agreement, shall be final and binding on the Parties.