Common use of Consensus resolution Clause in Contracts

Consensus resolution. (a) If a Dispute is referred to consensus resolution under clause 11.1: (i) the Vix Representative and Customer Representative must meet within 5 Business Days of the notice and endeavour to resolve the Dispute (First Meeting); (ii) if the First Meeting does not take place on or by the due date or if after 10 Business Days of the dispute notice being given the Dispute remains unresolved, the managing director or chief technical officer of both parties (or equivalent) must meet within 20 Business Days of the dispute notice being given to resolve the Dispute (Second Meeting); (iii) if the Second Meeting does not take place on or by the due date, or if after 30 Business Days of the dispute notice being given the Dispute remains unresolved, the chief executive officer of both parties (or equivalent) must meet as soon as possible to resolve the Dispute. (b) In the event the Dispute cannot be resolved, the Agreement shall terminate.