Common use of Voting and Dispute Resolution Clause in Contracts

Voting and Dispute Resolution. Each of ASTA Medica and BioNumerik shall have one vote on the Alliance Steering Committee and on the Project Team. A unanimous vote by both Parties shall be required for a decision by the Alliance Steering Committee or the Project Team. A quorum of the Alliance Steering Committee or the Project Team shall exist only if at least one representative from each Party with authority to cast the vote of the Party on the matter before the Alliance Steering Committee or the Project Team, as the case may be, is present. If the Project Team is unable to reach a decision on any matter, the Project Team shall refer such matter to the Alliance Steering Committee. If the Alliance Steering Committee is unable to reach a mutual agreement on any matter, including any matter referred to the Alliance Steering Committee by the Project Team, the Alliance Steering Committee shall promptly conduct good faith discussions in an effort to resolve such matter in a reasonable and mutually satisfactory manner. If the matter is not resolved by the Alliance Steering Committee representatives of BioNumerik and ASTA Medica within 60 days after the commencement of such discussions, either Party may request, in writing, that the matter be resolved by binding arbitration in accordance with the provisions of Article 20.9 of the Agreement.