Common use of TERMINATION OF PROCEDURE Clause in Contracts

TERMINATION OF PROCEDURE. The Vendors and the Purchaser agree to participate in the mediation for at least four (4) hours (unless terminated earlier by the Mediator). After that time, either the Vendors or the Purchaser may leave the mediation at any time. If the mediation does not yield a settlement, the Vendors and the Purchaser agree not to take any action (other than good faith attempts to negotiate a settlement to the dispute) prior to the conclusion of a five (5) day post-mediation period that commences on the day after the conclusion of the mediation process.

Appears in 2 contracts

Sources: Share Purchase Agreement (Internet Cable Corp), Share Purchase Agreement (Laser Master International Inc)