New Product Proposal Process. If, during the Term, either the Seller or the Buyer Insurer submits a new product proposal to the Product and Sales Committee, then the Product and Sales Committee shall evaluate the proposal based upon criteria furnished by the Seller in its sole discretion. The Product and Sales Committee may engage in competitive analysis to evaluate the proposal. If the Buyer Insurer elects not to submit a response to the criteria, the Buyer Insurer shall so inform the Product and Sales Committee. If the Buyer Insurer elects to submit a proposal to the criteria, the Seller shall evaluate such response in good faith and agree to move on to the development of the Buyer Insurer’s proposal pursuant to Section 5.5(d) unless, in the Seller’s reasonable judgment, the Buyer Insurer’s overall proposal does not meet the criteria (in the aggregate) submitted by the Seller, in which case the Seller shall inform the Product and Sales Committee of the Seller’s decision not to move forward with the Buyer Insurer and the reasons therefor. The Seller shall provide the Buyer Insurer with a reasonable period of time to resolve such issues before proceeding with the RFP process set forth in Section 5.5(c). For the avoidance of doubt, any decision to not move forward with the Buyer Insurer or to not move forward with the new product proposal will take into consideration the overall purpose of this Agreement but remains at the sole discretion of the Seller.
Appears in 2 contracts
Sources: Master Distribution Agreement (Ml Life Insurance Co of New York), Master Distribution Agreement (Ml Life Insurance Co of New York)