Common use of Buy-Out Clause in Contracts

Buy-Out. At the expiration or termination of this Contract, if not renewed for an additional term, the City agrees to buy out all new Pro Shop merchandise of Xxxxxx purchased during the last year of this Contract verified by paid receipts, that Xxxxxx decides to sell. The City has the right to refuse to purchase any item that it determines is not in new condition. To determine a fair and reasonable buy-out price, a qualified person or persons (hereafter “Appraiser”) shall be appointed upon the agreement of both parties to set the price. The City agrees to offer to Xxxxxx the price as reasonably determined by the Appraiser. The cost of the Appraiser shall be shared equally by Xxxxxx and City unless otherwise agreed by the parties.