Independent Experts. (a) Any disputes regarding Title Defects, Title Benefits, Environmental Defects, Title Defect Value, Title Benefit Value, Environmental Defect Value, appropriate cure of any Title Defect or correction of any Environmental Defects, and the calculation of the Statement or the Final Settlement Statement, or revisions thereto, may, subject to the provisions of Section 4.04, Section 4.08, Section 4.12, and Section 4.14, be submitted by a Party, with written notice to the other Party, to an independent expert (the “Independent Expert”), who shall serve as the sole and exclusive arbitrator of any such dispute. The Independent Expert shall be selected by the Parties (acting reasonably and in good faith) within 15 days following the effective date of said notice. The Independent Expert shall be a person who is independent, impartial, and knowledgeable in the subject matter and substantive laws involved. For example, but not by way of limitation, in the case of a dispute concerning an alleged Environmental Defect, Environmental Defect Value, or cure of the same, the Independent Expert shall have expertise in both the applicable Environmental Laws and environmental science relating to the oil and gas industry.
(b) The Parties shall determine, acting in good faith, the procedures to be followed to facilitate the decision of the Independent Expert. Such procedures shall include the following scenario:
(i) If the dispute involves the method or adequacy of cure or correction of a Title Defect or Environmental Defect, the Independent Expert shall provide in writing the particulars necessary to cure or correct or to remedy any deficient cure or correction, and shall provide Seller 60 days (or such additional time as reasonable and necessary under the circumstances, but not to exceed 90 days unless specifically agreed to in writing by Seller and Buyer) to effect such cure or correction; and
(ii) In the event of circumstances described in clause (i) above, Seller at its option may at any time during the 60-day cure period pursuant to clause (i) (as such period may be extended pursuant to such clause) decline to cure or correct the applicable defect, at which time the applicable remedies set forth in Section 4.12 shall apply.
(c) If the Parties fail to select an Independent Expert within the 15-day period referred to in Section 4.13(a) above, within three (3) days thereafter, each of Buyer and Seller shall choose an Independent Expert meeting the qualifications set forth abov...
Independent Experts. Each Executive Officer shall have the right to engage the services of any number of independent experts in the field in question (the individual(s) so engaged by each Executive Officer to be engaged under obligations of confidentiality) to assist the Executive Officer in making a determination on the unresolved matter, and each Executive Officer shall be obligated to consider in good faith the analyses and opinions of any such independent experts engaged by either of them in making a determination.
Independent Experts. (a) Each Party shall have the right to submit Disputes regarding title defect issues or calculation of the Final Statement or revisions thereto, to an independent expert appointed in accordance with this Section 15.03 (each, an “Independent Expert”), who shall serve as sole arbitrator. With respect to Disputes regarding title issues, including without limitation Disputes regarding Purchase Price Adjustments for Title Defects, the Parties hereby appoint Xxxxx XxXxxxxxx, of Houston, Texas, as the Independent Expert. With respect to Disputes regarding calculation of the Final Statement or revisions thereto, the Parties hereby appoint such certified public accountant associated with KPMG as the managing partner of the offices of such firm in Houston, Texas, shall designate, as the Independent Expert. With respect to Disputes regarding environmental issues, including without limitations, Disputes regarding Purchase Price Adjustments for Environmental Defects, the Parties hereby appoint Xxxxx Xxxxxxxxxx, Xx., of Houston, Texas, as the Independent Expert. The Parties may agree to an alternate choice for such Independent Expert by mutual agreement in writing for one or both appointments referenced in this Section 15.03. If one or both of the foregoing listed Independent Expert(s) fail or refuse to serve in such capacity then an alternative Independent Expert(s) shall be appointed by mutual agreement of the Parties from among candidates with experience and expertise in the area that is the subject of such Dispute, and failing such agreement, such Independent Expert for such Dispute shall be selected in accordance with the Rules (as hereinafter defined).
(b) Disputes to be resolved by an Independent Expert shall be resolved in accordance with mutually agreed procedures and rules and, failing such agreement, in accordance with the rules and procedures for arbitration provided in Section 15.04. The Independent Expert shall be instructed by the Parties to resolve such Dispute as soon as reasonably practicable in light of the circumstances. The decision and award of the Independent Expert shall be binding upon the Parties as an award under the Federal Arbitration Act and final and nonappealable to the maximum extent permitted by law, and judgment thereon may be entered in a court of competent jurisdiction and enforced by any Party as a final judgment of such court.
Independent Experts. (a) Any disputes regarding Title Defects, Title Defect Values, Title Benefits, Title Benefit Values, Environmental Defects, Environmental Defect Values, and the calculation of any Statement, or revisions thereto, may as herein provided be submitted by a Party, with written notice to the other Party, to an independent expert (the “Independent Expert”), who shall serve as the sole and exclusive arbitrator of any such dispute. The Independent Expert shall be selected by the Parties (acting reasonably and in good faith) within fifteen (15) days following the effective date of said notice and shall be a person who is independent, impartial, and knowledgeable in the subject matter and substantive laws involved. Each Party shall bear its own costs and expenses incurred in connection with any such proceeding, and one-half (1/2) of the costs and expenses of the Independent Expert. If the Parties are unable to select an Independent Expert, the matter shall be referred in writing to a designated parallel member of senior management of each Party for resolution by such members of senior management within ten (10) days after receipt of notice of the dispute.
(b) Any disputes to be resolved by an Independent Expert shall be resolved in accordance with mutually agreed procedures and rules and failing such agreement, in accordance with the rules and procedures for non-administered arbitration set forth in the commercial arbitration rules of the American Arbitration Association (“AAA”) in effect at the time of the dispute. The Independent Expert shall resolve the dispute in accordance with the governing law selected by the Parties in Section 15.10 below and shall be instructed by the Parties to resolve such dispute as soon as reasonably practicable in light of the circumstances using (if applicable) the terms and provisions of this Agreement with respect to title and environmental matters as guidance. The decision and award of the Independent Expert shall be binding upon the Parties and final and non-appealable to the maximum extent permitted by law, and judgment thereon may be entered in a court of competent jurisdiction and enforced by any Party as a final judgment of such court.
(c) All proceedings under this Section 4.08 shall be conducted in Lafayette, Louisiana or such other mutually agreed location.
Independent Experts for the effects of Clause 6: When there is a controversy for low consumption of gas by the Client in terms of the provision in Clause 6 of this Contract and that the Parties can not resolve it between them, the Parties agree to abide by the decision of an Independent Expert in accordance with the following rules:
i) For each controversy, the Independent Expert should be appointed by the Parties within three (3) Working Days as of the date in which the Party notifies the other of its intention to initiate an expert procedure (the “Notification of Expert Procedure”);
ii) The opinion of the Independent Expert will be linking between the Parties and must be emitted within no more that seven (7) Working Days as of the date in which the Parties receive the Notification of the Expert Procedure.
iii) In accordance with the opinion of the Independent Expert, the Party who is in the wrong will pay both for the costs incurred by the other Party that are related to the Expert Procedure, and for the services of the Independent Expert; and
iv) The Parties must provide to the Independent Expert all of the information they posses in relation to the matter of the controversy. The Independent Expert may convene meetings with Parties, jointly or separately, to establish the specific points in controversy and will be able to require the complementary information that may be necessary.
Independent Experts. 111 12.5 Non-Binding Mediation........................................................................111
Independent Experts. (a) Each Party shall have the right to submit Disputes regarding title issues or calculation of the Statement or revisions thereto, to an independent expert appointed in accordance with this Section 14.03 (each, an "Independent Expert"), who shall serve as sole arbitrator. With respect to Disputes regarding title issues, including without limitation Disputes regarding Title Defects or Title Defect Amounts, the Parties hereby appoint Xxxx Xxxxxxxx as the Independent Expert; provided that, if Xxxx Xxxxxxxx is not available then the Parties hereby appoint Xxxxxx Xxxxx as the Independent Expert; provided further that, if Xxxxxx Xxxxx is not available then the Parties appoint Xxxx Xxxx as the Independent Expert. With respect to Disputes regarding calculation of the Statement or revisions thereto, the Parties will appoint a mutually agreeable nationally renowned accounting firm as the Independent Expert. If the foregoing listed Independent Expert fails or refuses to serve in such capacity then the Independent Expert shall be appointed by mutual agreement of the Parties from among candidates with experience and expertise in the area that is the subject of such Dispute, and failing such agreement, such Independent Expert for such Dispute shall be selected in accordance with the Rules (as hereinafter defined).
(b) Disputes to be resolved by an Independent Expert shall be resolved in accordance with mutually agreed procedures and rules and failing such agreement, in accordance with the rules and procedures for arbitration provided in Section 14.04. The Independent Expert shall be instructed by the Parties to resolve such Dispute as soon as reasonably practicable in light of the circumstances. The decision and award of the Independent Expert shall be binding upon the Parties as an award under the Federal Arbitration Act and final and nonappealable to the maximum extent permitted by law, and judgment thereon may be entered in a court of competent jurisdiction and enforced by any Party as a final judgment of such court.
Independent Experts. Section 10.3 Failure of Executive Officers to Resolve Dispute..............59 Section 10.4 Alternative Dispute Resolution................................59 Section 10.5
Independent Experts. (a) Any disputes regarding Title Defects, Title Benefits, Environmental Defects, Title Defect Value, Title Benefit Value, Environmental Defect Value, appropriate cure of any Title Defects or correction of any Environmental Defects, and the calculation of the Statement or the Final Settlement Statement, or revisions thereto, may, subject to the provisions of Section 4.04, Section 4.12, and Section 4.14, be submitted by a Party, with written notice to the other Party, to an independent expert (the “Independent Expert”), who shall serve as the sole and exclusive arbitrator of any such dispute. The Independent Expert shall be selected by the Parties (acting reasonably and in good faith) within fifteen
Independent Experts. The Management Committee may retain independent experts and consultants if deemed necessary to perform the Committee’s work. The cost of such independent experts and consultants shall be allocated among the parties as agreed to by the Management Committee.
