ESTABLISHMENT OF THE VALUATION PANEL Sample Clauses

ESTABLISHMENT OF THE VALUATION PANEL. If a majority of the hangar lessees request arbitration, the request will be sent by registered letter to Authority. Within ten (10) days of the postmark of the request letter, both parties shall appoint an appraiser. The two appointed appraisers so selected shall, within ten (10) days after their appointment, appoint a third appraiser; provided, however, that if one party fails to appoint an appraiser, the single appraiser appointed by the other party shall be deemed to be the mutually appointed appraiser for both the parties and shall serve alone. If the two appraisers cannot agree on a third appraiser within the period of ten (10) days, the third appraiser shall be appointed by the President of the Southern California Chapter of the Appraisal Institute on the application of either party and on ten (10) days’ notice to the other party. An appraiser appointed by either of the parties who dies, resigns, is disqualified or incapacitated, or who fails or refuses to act shall within ten (10) days be replaced with another appraiser by the party that selected the displaced appraiser.
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Related to ESTABLISHMENT OF THE VALUATION PANEL

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