Common use of Initial Discussions Clause in Contracts

Initial Discussions. In the event that a Party delivers written notice to the other Parties of any dispute, claim, disagreement or controversy arising from or relating to the Transaction Documents, or any of them, or the breach thereof, or the Property (a “Dispute”), which notice is entitled “Notice of Dispute,” Purchaser and CREC shall use good faith efforts for a period of at least thirty (30) days following the date of such notice to settle the Dispute. To this effect, Purchaser and CREC shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to such Parties. If Purchaser and CREC do not reach such a solution within a period of thirty (30) days after commencement of their negotiations, then, upon notice by one to the other, such Dispute shall be finally settled by arbitration administered by the American Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules (the “AAA Rules”). The place of arbitration shall be Atlanta, Georgia. The arbitration shall be conducted by a single arbitrator selected in accordance with the AAA Rules. The arbitrator shall have at least ten (10) years relevant experience with respect to the subject matter of the Dispute and shall not be an Affiliate of a Party or have provided any services to or received any compensation from any Party or their respective Affiliates during the three- (3) year period preceding his or her appointment. Each of Purchaser and CREC shall bear its own costs and expenses in connection with the arbitration, including its attorneys’ fees, and an equal share of the arbitrator’s and administrative fees of arbitration.