Common use of Dispute Resolution Panel Clause in Contracts

Dispute Resolution Panel. In the event that a default is not cured, or the cure has not commenced within the 20-day period specified in paragraph (b) of this Section 10.2, either party must submit the alleged default and any differences arising from the alleged default to an informal dispute resolution panel (the “Panel”) consisting of one retired judge appointed by each party and a third member agreed upon by both parties who shall be a professional with at least ten years’ experience in land use and airport planning. The Panel shall be selected within ten days after either party notifies the other party that the dispute over the default has not been cured. In the event the parties are unable to agree on the third member, then the two appointed members shall select the third member within seven days after expiration of the ten-day period. The Panel shall meet and hold an informal hearing on the dispute within ten days of appointment. Each party shall be entitled to submit a written statement of its position regarding the dispute to the Panel at or before the hearing, and each party shall be entitled to make an oral presentation to the Panel during the hearing, which presentation shall not exceed 30 minutes in length. The Panel may establish rules of procedure for the administration of this process. Not later than 20 days after the Panel’s first meeting on the alleged default and dispute, the Panel shall make a determination whether a default has or has not occurred and shall propose a resolution of the dispute. The Panel shall have no power to impose any resolution or specific action and its decisions shall not be binding on the parties. The parties shall review the Panel’s proposed resolution and the City Manager shall meet with the Authority Executive Director at least one time within ten days after issuance of the Panel’s proposed resolution to seek to resolve the dispute. If the parties are unable to resolve the dispute after such meeting, or if one party fails to cooperate or participate in the dispute resolution process, the parties may proceed to invoke any other remedies at law or in equity or as set forth in Section 10.3.