Common use of Informal Dispute Resolution Procedure Clause in Contracts

Informal Dispute Resolution Procedure. The parties will attempt to settle any claim or controversy among them through consultation and negotiation in good faith and with a spirit of mutual cooperation. After attempts to resolve a dispute by the parties have failed, any party may, upon notice to the others, request that such controversy or claim be referred to the appropriate management personnel of each party for negotiation and resolution. If such a request is made, the applicable and appropriate management-level personnel of the parties shall meet in person or by telephone within seven (7) days after such request and shall review and attempt to negotiate a mutually acceptable resolution of the controversy or claim in dispute. Any resolution reached under this Section 28.0 will be reduced to writing and signed by the parties. Any dispute that cannot be resolved between the parties through the informal dispute shall then be submitted for final and binding arbitration as set forth in Section 28.