Common use of Settlement in Certain Circumstances Clause in Contracts

Settlement in Certain Circumstances. The Indemnitor, in consultation with the Indemnitee, shall have the right to negotiate a Settlement in respect of any Claim or Action which is founded upon any of the acts specified in subsection 1.7. In the event that the Indemnitor negotiates such a Settlement, the Indemnitee shall pay any compensation or other payment for which provision is made under the Settlement and shall not seek indemnity or contribution from the Indemnitor in respect of such compensation or payment. The Indemnitee shall pay to the Indemnitor, within 60 days of the Indemnitor making demand therefor, all fees, costs and expenses (including legal fees and disbursements on a full indemnity basis) which result from the defence of the Claim or the Action in respect of which the Settlement was made.