Common use of DETERMINATION OF MARKET VALUE Clause in Contracts

DETERMINATION OF MARKET VALUE. (1) Where it is necessary to determine the Market Value of land in accordance with this Part, the following provisions will apply. (2) The Joint Venturers and the Water Authority will meet with each other within 30 Business Days of the requirement arising for the Market Value to be determined with the intention that the Joint Venturers and the Water Authority will agree the Market Value in writing. (3) If the Joint Venturers and the Water Authority meet and agree the Market Value in writing in the manner specified in subclause (2), the Market Value of the land will be the amount agreed in writing between the Joint Venturers and the Water Authority. (4) If the Joint Venturers and the Water Authority do not meet or are unable to agree the Market Value in writing in accordance with subclause (2) within the period specified in subclause (2), the Market Value of the relevant land will be determined in accordance with the following provisions; (a) the Market Value will be determined by arbitration under the Commercial Arbitration Act; (b) the arbitrator or arbitrators who will conduct the arbitration will be agreed between the Water Authority and the Joint Venturers within 10 Business Days of the requirement for arbitration arising or failing agreement the arbitrator will be a Qualified Valuer nominated by the President of the Institute of Valuers on the application of either the Joint Venturers or the Water Authority; (c) the decision of the arbitrator will be final and binding on the Joint Venturers and the Water Authority; and (d) for the purposes of the Commercial Arbitration Act, both the Joint Venturers and the Water Authority may be represented in the arbitration proceedings by a qualified legal practitioner; (e) each of the Water Authority and the Joint Venturers will pay their own legal and other costs in connection with the arbitration; and (f) the costs of the arbitrator, and all other costs relating to the arbitration itself, will be shared between the Water Authority and the Joint Venturers in equal shares.