(1) On the giving of the negotiation notice, the resource authority holder and the eligible claimant (the parties) must use all reasonable endeavours to negotiate a conduct and compensation agreement or a deferral agreement (a relevant agreement).
(2) The period of the negotiations—
(a) must be at least for the prescribed period (the minimum negotiation period); but
(b) may continue for a longer period agreed to by the parties.
(3) The negotiations under this subdivision end if the parties enter into an opt-out agreement.