Common use of Binding Resolution Clause in Contracts

Binding Resolution. The Construction Panel shall meet within two (2) business days after notice of the dispute and shall thereafter resolve the issue in dispute within two (2) business days unless it is mutually agreed among the Construction Panel members that additional time is necessary to resolve the dispute, but in no event shall such additional time exceed five (5) days. Landlord and Tenant agree that time and strict punctual performance are of the essence with respect to each provision of this Work Letter and that any and all decisions of the Construction Panel as to the matter in dispute shall be binding upon both Landlord and Tenant.

Binding Resolution. The Construction Panel shall meet within two (2) business days after notice of the dispute third party being selected as a member of the Construction Panel and the Construction Panel shall thereafter resolve the issue in dispute within two (2) business days days, unless it is mutually agreed among the Construction Panel members that additional time times is necessary to resolve the dispute, but in no event shall such additional time exceed five (5) business days. Landlord Lessor and Tenant Lessee agree that time and strict punctual performance are of the essence with respect to each provision of this Work Letter and that any and all decisions of the Construction Panel as to the matter in dispute shall be binding upon both Landlord Lessor and TenantLessee.