Common use of Fair Market Value Determination Clause in Contracts

Fair Market Value Determination. If the parties cannot agree on the fair market value of any item subject to an option to purchase in this Agreement within a reasonable time, one appraiser shall be designated by SONIC, one by Licensee and the two appraisers shall designate an independent appraiser, and the valuation of such third appraiser alone shall be binding. SONIC and the Licensee each shall pay one-half of the cost of any appraisals required pursuant to this Section 15.04.

Fair Market Value Determination. If the parties cannot agree on the fair market value of any item subject to an option to purchase in this Agreement within a reasonable time, one appraiser shall be designated by SONIC, one by Licensee and the two appraisers shall designate an independent appraiser, and the valuation of such third appraiser alone shall be binding. SONIC and the Licensee each shall pay one-half of the cost of any appraisals required pursuant to this Section 15.04.

Fair Market Value Determination. If the parties cannot agree on the fair market value of any item subject to an option to purchase in this Agreement within a reasonable time, one appraiser shall be designated by SONICthe Licensor, one by Licensee the Licensee, and the two appraisers shall designate an independent appraiser, and the valuation of such third appraiser alone shall be binding. SONIC The Licensor and the Licensee each shall pay one-half of the cost of any appraisals required pursuant to this Section 15.04.

Fair Market Value Determination. If the parties cannot agree on the fair market value of any item subject to an option to purchase in this Agreement agreement within a reasonable time, one appraiser shall be designated by SONICLicensor, one by Licensee and the two appraisers shall designate an independent appraiser, and the valuation of such third appraiser alone shall be binding. SONIC The Licensor and the Licensee each shall pay one-half of the cost of any appraisals required pursuant to this Section 15.04.