Common use of Dismissal of Action Clause in Contracts

Dismissal of Action. Upon execution of this Agreement, the parties shall dismiss the Action with prejudice with each party to bear its own costs and attorneys fees (except that ORCHID will pay 100% of the fees incurred with the mediation held in connection with the Action on June 14, 2002). The parties agree that this Agreement is entered into for the purpose of avoiding the expense and inconvenience of litigation, and that it is not to be construed as an admission of any sort by either party, except that ORCHID admits that U.S. Patent No. 5,846,710 is a valid patent.