Common use of Subsequent Law Clause in Contracts

Subsequent Law. The terms and conditions of this Agreement shall be subject to any and all Applicable Laws, rules, and regulations that subsequently may be prescribed by any federal, state or local governmental authority. In the event that any effective legislative, regulatory, judicial or other legal action materially affects any material terms of this Agreement, or the ability or obligation of either Party to perform any material term of this Agreement, either Party may, on thirty (30) days written notice, require that such terms be renegotiated, and the Parties shall renegotiate in good faith such mutually acceptable new terms as may be required. The Parties agree to modify, in writing, the affected term(s) and condition(s) of this Agreement. The Dispute Resolution provisions of Article III, Section 18 shall govern any disputes arising out of or relating to such modifications. In the event that the Parties are unable to reach agreement as to mutually acceptable new terms within sixty (60) days after the initial written notice, either Party may invoke the Dispute Resolution provisions of this Agreement.