Common use of Settlement of Disputes between Contracting Parties Clause in Contracts

Settlement of Disputes between Contracting Parties. 1 . The Contracting Parties shall seek in good faith and a spirit of cooperation a rapid and equitable solution to any dispute between them concerning the interpretation or application of this Agreement. In this regard, the Contracting Parties agree to engage in direct and meaningful negotiations to arrive at such solutions. If the Contracting Parties cannot reach an agreement within six months after the beginning of dispute between themselves through the foregoing procedure, the dispute may be submitted, upon the request of either Contracting Party, to an arbitral tribunal of three members.

Settlement of Disputes between Contracting Parties. 1 1. The Contracting Parties shall seek seek, in good faith and in a spirit of cooperation cooperation, to find a rapid prompt and equitable fair solution to any dispute between them concerning regarding the interpretation or application of this Agreementagreement. In this regard, the Contracting Parties agree to engage in enter into direct and meaningful constructive negotiations to arrive at such reach solutions. If In the event that the Contracting Parties cannot fail to reach an agreement within six (6) months after from the beginning of the dispute between themselves them through the foregoing procedureaforementioned methods, then the dispute may be submitted, upon the request of either Contracting Partyparty, to an arbitral tribunal arbitration panel consisting of three members.