Common use of SIXTH SCHEDULE Clause in Contracts

SIXTH SCHEDULE. DIVISION OF PROFITS AND LOSSES The Partners in the Partnership shall agree to one of the following options: In recognition of the labour and management input of each of the Partners the payments shall be made to each as set out in the On-Farm Agreement All profits/losses of the Partnership shall be divided among the Partners in the following profit distribution: Conciliation Procedure as referred to in clause 26.4 of the Agreement. This procedure shall apply to any conciliation requested under clause 26.4 of the Agreement. A party to the Agreement seeking conciliation shall notify the other party to that effect and shall at the same time specify the matter in dispute. The parties shall agree on a conciliator, and failing agreement within 10 days of notice under Article 2, shall request the Facilitator referred to at 26.2 above or a representative of Teagasc or a Farming Organisation to appoint a conciliator. The conciliator shall require the parties to submit, in advance of the hearing, a brief written opening statement and appending the necessary documentation not later than 10 working days after his appointment. The parties should at the same time notify the conciliator of the names of the persons appearing at the conciliation. The conciliator shall within 10 working days after receipt of statements and documentation establish the order of the proceedings and shall arrange a convenient time, date and place for the hearing. The conciliator may consider and discuss such solutions to the dispute as he thinks appropriate or as may be suggested by either party. All information given to the conciliator is confidential and shall remain so unless authorised by the party who supplied the information. The conciliator may, having informed the parties, consult independent third party experts. The conciliator shall endeavour to commit the parties to reach a mutual settlement failing which he shall within 10 working days of the hearing, issue his recommendation. He shall not be required to give reasons. It shall remain confidential if rejected by either party. If neither party rejects the recommendation within 10 working days after its issue, it shall be final and binding on the parties. If either party rejects the recommendation, a request for arbitration may be made under clause 26.5 of the Agreement. Each party to the conciliation shall pay their own costs. The parties shall be jointly and severally liable for the conciliators costs in equal shares, unless the conciliator decides otherwise. Conciliations are settlement negotiations and are without prejudice to the rights of the disputants. All statements, information and material, made, given or exchanges, orally or in writing either during the conciliation or prior thereto or thereafter upon the request of the conciliator once made in circumstances where the parties agree that same are wholly privileged and are on a without prejudice basis shall be inadmissible in any legal proceedings, in court or arbitration, to the maximum extent permitted by law. Evidence, which is otherwise admissible in legal proceedings, shall not be rendered inadmissible as a result of its use in the conciliation. The parties in dispute agree not to summon or otherwise require the conciliator to appear or testify or produce records, notes or any other information or material in any legal proceedings, in court or arbitration, and no recordings or stenographic records will be made of the conciliation. Any agreement reached by the parties in dispute through conciliation shall be set down in writing and duly executed by them or their authorised representative. I _________________________ being the ( ) of the First Partner (1) hereby consent to the within agreement for the term thereof in accordance with Clause 7 herein (2) hereby agree and declare that the first Partner may deal in all respects with any joint property of us as trustee on my behalf