Noticing Party definition
Examples of Noticing Party in a sentence
If either Party (the “Noticing Party”) determines in good faith that a change in applicable law or regulation, or a change in how a current law or regulation is interpreted, (i) makes any part of this Agreement illegal or unenforceable, or (ii) materially changes the economic benefit or cost of performing this Agreement, then the Noticing Party will provide the other Party with a proposed amendment to this Agreement to address such change.
Regardless of whether the Noticing Party intends to terminate or amend the Agreement, the parties shall have thirty (30) days from the giving of such notice (“Renegotiation Period”) within which to attempt to amend this Agreement in accordance with the Noticing Party’s proposal (if any) or otherwise as the parties may agree.
The potential consequences of the Legal Event(s) as to the Noticing Party; Intent notice.
Either Party shall promptly Notice the other Party regarding the occurrence of a breach as soon as such breach becomes known to the Noticing Party.
Failure to respond timely to a notice shall constitute a waiver of any right to negotiate on the proposed change, and the Noticing Party may elect to unilaterally implement the change.