Common use of Option to Reopen Agreement Clause in Contracts

Option to Reopen Agreement. For all prices other than those addressed by the foregoing provisions, the Parties agree that after six (6) months or more after the effective date of this Agreement, that either Party may request in writing that negotiations be reopened in relation to the pricing contained in this Agreement for interconnection, network elements and resold services. Upon receipt of such request to reopen negotiations as permitted herein, the parties will negotiate in good faith for a maximum time period of forty five (45) days. If at the end of 45 days closure is not obtained on the permitted pricing issues open for renegotiation, the parties will petition the commission to resolve the dispute under the commission’s pricing authority granted by the Telecommunications Act of 1996 and to determine the final rates for each of the pricing items in controversy. The pricing contained in this Agreement shall remain in place and in effect until such time as the parties reach closure on any replacement prices under this provision or final rates are in effect at the conclusion of the commission’s proceedings including exhaustion of all appellate remedies under Section 252(e)(6) of the Act. In the event either Party exercises the foregoing option, there shall be a true-up of the initial rates contained in this Agreement back to the date of notice of reopening of this Agreement. The Parties will perform a true-up, with any compensation owed to be remitted to the other party as set forth in this provision. The Parities further agree that the nonprice terms and conditions of this Agreement were based on the legal status and requirements in effect at the time the Agreement was executed. Any modifications to those requirements as a result of federal court review or other judicial action will supersede any terms and conditions that are no longer required by law.

Option to Reopen Agreement. For GTE and Mobilnet agree that for all prices other than those addressed by the foregoing true-up provisions, the Parties agree that after six (6) months or more after the effective date of this Agreement, that either Party may request require in writing that negotiations be reopened in relation to the pricing contained in this Agreement for interconnection, network elements and resold services. Upon receipt of such request to reopen negotiations as permitted herein, the parties will negotiate in good faith for a maximum time period of forty five (45) days. If at the end of 45 days closure is not obtained on the permitted pricing issues open for renegotiation, the parties will either Party may petition the commission Commission to resolve the dispute under the commissionCommission’s pricing authority granted by the Telecommunications Act of 1996 and to determine the final rates for each of the pricing items in controversy. The parties expressly agree that the arbitration rights as provided for under the Telecommunications Act of 1996 are expressly retained by the parties and may be exercised hereunder. The pricing contained in this Agreement shall remain in place and in effect until such time as the parties reach closure on any replacement prices under this provision or final rates are in effect at the conclusion of the commissionCommission’s proceedings including exhaustion of all appellate remedies under Section 252(e)(6) of the Act. In the event either Party GTE or Mobilnet exercises the foregoing option, there replacement prices or final rates under this provision shall be a true-up made effective as of the initial rates contained in this Agreement back to the effective date of notice of reopening the then current term of this Agreement. The Parties parties will perform a true-up, with any compensation owed to be remitted to the other party as set forth in this provision. The Parities GTE and Mobilnet further agree that the nonprice terms and conditions of this Agreement were based on the legal status and requirements in effect at the time the Agreement was executed. Any modifications to those requirements as a result of federal court review or other judicial action will supersede to the extent applicable any terms and conditions that are no longer required by lawof this agreement.