Common use of Resolution by Negotiation Clause in Contracts

Resolution by Negotiation. (a) Except as set forth below, the Vendor and the Purchaser agree to promptly utilize all reasonable efforts to resolve any controversy, claim or dispute relating to the interpretation, validity, construction, meaning, performance or effect of this Agreement or the rights or liabilities of the Parties or any matter arising out of or in connection with this Agreement (a "DISPUTE"). (b) If a Dispute prior to Closing cannot be resolved by mutual agreement within a five (5) Business Day period from receipt of written notification by one Party to the other (which notice shall set forth full details of the matter in dispute), either Party may refer the Dispute to resolution by the Chief Executive Officers of the Parties, such resolution to occur within a further five (5) Business Day period of the referral of the matter to these two executives (c) If a post Closing Dispute cannot be resolved by mutual agreement within a thirty (30) Business Day period from receipt of written notification by one Party to the other (which notice shall set forth full details of the matter in dispute), either Party may refer the Dispute to resolution by the Chief Executive Officers of the Parties, such resolution to occur within a further thirty (30) Business Day period of the referral of the matter to these two executives.