Instituting Party definition
Examples of Instituting Party in a sentence
The Instituting Party shall reimburse the Co-Party for any reasonable and pre-approved costs related to such assistance and cooperation.
The Instituting Party shall reasonably notify the Co-Party of the course of any Action and shall not settle any Action without prior approval of the Co-Party (i) during the Term if such settlement contains an admission of the invalidity of any Licensed Patents or (ii) either during or after the Term if such settlement contains an admission of fault or wrongdoing or materially affects the rights of the Co-Party hereunder.
The receiving party (the "Other Party") shall, within 20 days of receipt of the Demand, provide to the Instituting Party and to the arbitrators a response (the "Answer"), referencing provisions of this Agreement that the Other Party views as controlling, and shall attach copies of all pertinent documents and other things (other than those attached to the Demand) then in its possession which it views as having direct bearing to support the contentions of the Answer.
The demand (the "Demand") shall reference principal provisions of this Agreement that the Instituting Party views as controlling or out of the interpretation of which the dispute arises, and shall attach, if practicable, or, if not practicable, shall make available, copies of all pertinent documents and other things then in its possession which the Instituting Party views as having direct bearing on the relief sought under the Demand.
The demand (the "DEMAND") shall reference principal provisions of this Agreement that the Instituting Party views as controlling or out of the interpretation of which the dispute arises, and shall attach copies of all pertinent documents and other things then in its possession which the Instituting Party views as having direct bearing on the relief sought under the Demand.
If the Instituting Party is Party A or Party B or an affiliate thereof, then the Other Party shall be entitled to receive a Termination Payment calculated under the terms of Section 5.3 hereof as if the party receiving such notice were the Defaulting Party and the Other Party were the non- Defaulting Party., provided that no Termination Payment shall be due in the event that the Instituting Party is an entity other than Party B or an affiliate of Party B.
Within ten (10) days after the party instituting arbitration (the "Instituting Party") has so notified the other, the Instituting Party shall appoint one arbitrator and notify the other party of such appointment.
The Instituting Party shall have sole control of any such Action including any settlement negotiations in accordance with Section 7.11 and subject to the requirements of Section 7.11.7 (Settlement); provided, however, the other Party (the “Co-Party”) may, at its own expense, actively participate in the conduct of any such Action and, in any event, may provide ongoing comments and advice regarding its position in the dispute which comments the Instituting Party shall consider in good faith.
If the Instituting Party does not commence an Action pursuant to Section 7.11.2 (Right to Institute Action Regarding Infringing Activity) within twenty (20) calendar days of notice pursuant to Section 7.11.1 (Notification), then the Co-Party shall have the right, at its sole cost and expense, to commence any Action that the Co-Party reasonably deems appropriate in accordance with the terms of this Section 7.11 (Enforcement).
However, an Instituting Party instituting a proceeding in a court outside the designated places will not be required to indemnify the other parties pursuant to the provisions of this Section 6 if the Instituting Party is determined to be the prevailing party.