Common use of Settlement of Claims and Lawsuits Clause in Contracts

Settlement of Claims and Lawsuits. (a) Paltar shall promptly notify Nation of any and all claims or suits which arise out of Operations or relate in any way to Operations. Paltar shall represent Nation and defend or oppose the claim or suit. Paltar may in its sole discretion compromise or settle any such claim or suit or any related series of claims or suits for an amount not to exceed the equivalent of $250,000, exclusive of legal fees. Paltar shall seek guidance from the Operating Committee on amounts in excess of the above-stated amount. Nation shall have the right to be represented by its own counsel at its own expense in the settlement, compromise or defence of such claims or suits. (b) Nation shall promptly notify Paltar of any claim made against Nation by a third party which arises out of or may affect the Operations.