Voting and Deadlocks Clause Samples
The 'Voting and Deadlocks' clause defines the procedures for decision-making among parties and addresses situations where votes result in a stalemate. Typically, this clause outlines how votes are cast, the required majority for decisions, and the steps to follow if parties cannot reach an agreement, such as escalation to mediation or appointing a tie-breaker. Its core function is to ensure that the decision-making process remains effective and that the agreement can continue to operate smoothly even when parties are deadlocked, thereby preventing operational paralysis.
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Voting and Deadlocks. PTI members shall, collectively, have one (1) vote on the JSC, and the CFFT members shall, collectively, have one (1) vote on the JSC. Decisions of the JSC shall be made by unanimous vote. In the event a deadlock occurs, the JSC shall attempt to resolve such deadlock for a period of twenty (20) days by engaging in good faith discussions. If such deadlock is not resolved after such twenty (20) day period, then, such deadlock shall be resolved in accordance with the dispute resolution process set forth in Section 11.2, except that (i) any dispute requiring the amendment of this Agreement, including the exhibits hereto, shall require the agreement of both Parties without regard to Section 11.2 and (ii) any dispute relating to amendments to the Research Plan will be resolved by PTI in its sole discretion.
Voting and Deadlocks. EPIX members shall, collectively, have one (1) vote on the JSC, and the CFFT members shall, collectively, have one (1) vote on the JSC. Decisions of the JSC shall be made by unanimous vote. In the event a deadlock occurs, the JSC shall attempt to resolve such deadlock for a period of twenty (20) days by engaging in good faith discussions. If such deadlock is not resolved after such twenty (20) day period, then such deadlock shall be resolved in accordance with the dispute resolution process set forth in Section 11.2, except that any dispute requiring the amendment of this Agreement, including the Exhibits hereto shall require the agreement of both Parties without regard to Section 11.2.