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2007-002 Resolution
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2007-002 Resolution
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Last modified
1/9/2014 3:51:34 PM
Creation date
12/30/2013 8:01:42 AM
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North Olmsted Legislation
Legislation Number
2007-002
Legislation Date
2/20/2007
Year
2007
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' NEO I SO <br />respect to the other party, or for the winding up or liquidation of its <br />affairs, and the continuance of any such decree or order in effect <br />for a period of 30 consecutive days. <br />(iii) The consent by the other party to the appointment of a conservator <br />or receiver or liquidator in any insolvency, readjushnent of debt, <br />marshalling of assets and liabilities or similar proceedings of or <br />relating to the other party or of or relating to substantially all of its <br />property; or the other party shall admit in writing its inability to <br />pay its debts generally as they become due, file a petition to take <br />advantage of any applicable insolvency or reorganization statute, <br />make an assigmnent for the benefit of its creditors, or voluntarily <br />suspend payment of its obligations. <br />Section 4.3. Effect of Termination. All obligations of the parties which arise prior to <br />the termination of this Agreement under any Master Agreement, will ren7ain in effect <br />notwithstanding the termination. Upon termination of this Agreement, the Governmental Entity <br />must promptly return to NEOSO all written materials, manuals, forms and other similar materials <br />received from NEOSO. <br />Article V <br />Dispute Resolution <br />Section 5.1. Dispute Resolution bv Parties. Before NEOSO or the Governmental <br />Entity may assert a claim for breach of this Agreement or any Offering Addendum in litigation, <br />mediation, or arbitration, NEOSO or the Governmental Entity must notify the other party of the <br />nature of the dispute and the relief which the first party seeks. <br />(a) Resolution by Parties. In the event of a dispute between the parties relating to this <br />Agreement or any Offering Addendum, the parties, through their representatives, <br />will attempt to resolve the dispute for a period of at least 30 days. <br />(b) Resolution by Parties' Executive Officers. If the parties are unable to resolve <br />their dispute in the mamier provided in Section 5.1(a), either party may submit the <br />matter for resolution to the Authorized Representative of the Governmental Entity <br />and to NEOSO's Board of Directors. <br />-7- <br />Northeast Ohio Sourcing O(Iice I 5422 East 96ch St. Suite 150 I Y I 216•581.6200 I ? <br />wVvw.ncoso.org Clcvcland, OH 44125 f ? 216.581.6213 <br />I
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