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"clause", "offset": [1997, 2008]}, {"key": "cure-period", "type": "clause", "offset": [2027, 2038]}, {"key": "pursuant-to-clause", "type": "clause", "offset": [2039, 2057]}, {"key": "pursuant-to-such", "type": "clause", "offset": [2094, 2110]}, {"key": "day-period", "type": "definition", "offset": [2316, 2326]}, {"key": "seller-shall", "type": "clause", "offset": [2417, 2429]}, {"key": "disputes-between-the-parties", "type": "clause", "offset": [2646, 2674]}, {"key": "each-party", "type": "clause", "offset": [2676, 2686]}, {"key": "expenses-incurred", "type": "clause", "offset": [2716, 2733]}, {"key": "in-connection-with", "type": "clause", "offset": [2734, 2752]}, {"key": "expenses-of-the", "type": "clause", "offset": [2810, 2825]}, {"key": "in-accordance-with", "type": "definition", "offset": [2917, 2935]}, {"key": "procedures-and-rules", "type": "clause", "offset": [2952, 2972]}, {"key": "rules-and-procedures", "type": "clause", "offset": [3025, 3045]}, {"key": "for-non", "type": "clause", "offset": [3046, 3053]}, {"key": "rules-of-the-american-arbitration-association", "type": "clause", "offset": [3119, 3164]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [3332, 3360]}, {"key": "with-respect-to", "type": "clause", "offset": [3361, 3376]}, {"key": "title-and-environmental-matters", "type": "clause", "offset": [3377, 3408]}, {"key": "decision-and-award", "type": "clause", "offset": [3414, 3432]}, {"key": "binding-upon", "type": "clause", "offset": [3468, 3480]}, {"key": "court-of-competent-jurisdiction", "type": "definition", "offset": [3641, 3672]}, {"key": "by-any-party", "type": "clause", "offset": [3686, 3698]}, {"key": "final-judgment", "type": "definition", "offset": [3704, 3718]}], "snippet": "(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 \u201cIndependent Expert\u201d), 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.\n(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:\n(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\n(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.\n(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 above, and such experts shall promptly choose a third Independent Expert (meeting the qualifications provided for herein) who alone shall resolve the disputes between the Parties. 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.\n(d) 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. The Independent Expert shall be instructed by the Parties to resolve such dispute as soon as reasonably practicable in light of the circumstances using the terms and provisions of this Agreement with respect to title and environmental matters. 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 Laws or Environmental Laws, as applicable, and judgment thereon may be entered in a court of competent jurisdiction and enforced by any Party as a final judgment of such court.\n(e) All proceedings under this Section 4.13 shall be conducted at a mutually agreed location, or if Buyer and Seller acting reasonably do not mutually agree upon a location for such proceeding, the proceeding shall be conducted in Denver, Colorado.", "samples": [{"hash": "8WamE8hALkj", "uri": "/contracts/8WamE8hALkj#independent-experts", "label": "Purchase and Sale Agreement", "score": 31.3390373502, "published": true}, {"hash": "jCQfdZ1NtW9", "uri": "/contracts/jCQfdZ1NtW9#independent-experts", "label": "Purchase and Sale Agreement", "score": 29.340862423, "published": true}, {"hash": "36sBa9hlWmX", "uri": "/contracts/36sBa9hlWmX#independent-experts", "label": "Purchase and Sale Agreement", "score": 26.5961670089, "published": true}], "hash": "054e9f76a9aa43517931e97a4dd1ac8b", "id": 1}, {"size": 2, "snippet_links": [{"key": "clause-6", "type": "definition", "offset": [19, 27]}, {"key": "by-the-client", "type": "clause", "offset": [84, 97]}, {"key": "terms-of-the", "type": "clause", "offset": [101, 113]}, {"key": "in-clause", "type": "clause", "offset": [124, 133]}, {"key": "this-contract", "type": "clause", "offset": [139, 152]}, {"key": "agree-to", "type": "clause", "offset": [219, 227]}, {"key": "the-decision", "type": "clause", "offset": [237, 249]}, {"key": "independent-expert", "type": "definition", "offset": [256, 274]}, {"key": "in-accordance-with", "type": "definition", "offset": [275, 293]}, {"key": "the-independent", "type": "clause", "offset": [340, 355]}, {"key": "by-the-parties", "type": "clause", "offset": [383, 397]}, {"key": "working-days", "type": "clause", "offset": [415, 427]}, {"key": "the-party", "type": "clause", "offset": [452, 461]}, {"key": "expert-procedure", "type": "clause", "offset": [513, 529]}, {"key": "notification-of", "type": "definition", "offset": [536, 551]}, {"key": "between-the-parties", "type": "clause", "offset": [630, 649]}, {"key": "the-expert", "type": "clause", "offset": [777, 787]}, {"key": "costs-incurred", "type": "definition", "offset": [914, 928]}, {"key": "other-party", "type": "definition", "offset": [936, 947]}, {"key": "related-to", "type": "clause", "offset": [957, 967]}, {"key": "for-the-services", "type": "clause", "offset": [994, 1010]}, {"key": "the-information", "type": "clause", "offset": [1104, 1119]}, {"key": "in-relation-to", "type": "clause", "offset": [1132, 1146]}, {"key": "expert-may-convene-meetings", "type": "clause", "offset": [1194, 1221]}, {"key": "to-establish", "type": "clause", "offset": [1259, 1271]}, {"key": "in-controversy", "type": "clause", "offset": [1292, 1306]}, {"key": "require-the", "type": "clause", "offset": [1327, 1338]}, {"key": "complementary-information", "type": "clause", "offset": [1339, 1364]}], "snippet": "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:\ni) 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 \u201cNotification of Expert Procedure\u201d);\nii) 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.\niii) 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\niv) 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.", "samples": [{"hash": "ST3niFuUNr", "uri": "/contracts/ST3niFuUNr#independent-experts", "label": "Base Agreement (Innophos Mexico Holdings, LLC)", "score": 21.0, "published": true}, {"hash": "6TN8dGiSvLQ", "uri": "/contracts/6TN8dGiSvLQ#independent-experts", "label": "Base Agreement (Innophos Investment Holdings, Inc.)", "score": 21.0, "published": true}], "hash": "0a48d70c8da335fcfe82b3c8dc3498c1", "id": 3}, {"size": 2, "snippet_links": [{"key": "each-party", "type": "clause", "offset": [4, 14]}, {"key": "right-to-submit", "type": "clause", "offset": [30, 45]}, {"key": "disputes-regarding", "type": "clause", "offset": [46, 64]}, {"key": "final-statement", "type": "clause", "offset": [107, 122]}, {"key": "independent-expert", "type": "definition", "offset": [151, 169]}, {"key": "in-accordance-with", "type": "definition", "offset": [180, 198]}, {"key": "sole-arbitrator", "type": "definition", "offset": [270, 285]}, {"key": "with-respect-to", "type": "clause", "offset": [287, 302]}, {"key": "title-issues", "type": "clause", "offset": [322, 334]}, {"key": "including-without-limitation", "type": "clause", "offset": [336, 364]}, {"key": "purchase-price-adjustments-for-title-defects", "type": "clause", "offset": [384, 428]}, {"key": "the-independent", "type": "clause", "offset": [496, 511]}, {"key": "certified-public-accountant", "type": "clause", "offset": [644, 671]}, {"key": "associated-with", "type": "definition", "offset": [672, 687]}, {"key": "managing-partner", "type": "clause", "offset": [700, 716]}, {"key": "environmental-issues", "type": "clause", "offset": [843, 863]}, {"key": "purchase-price-adjustments-for-environmental-defects", "type": "clause", "offset": [915, 967]}, {"key": "agree-to", "type": "clause", "offset": [1081, 1089]}, {"key": "mutual-agreement-in-writing", "type": "clause", "offset": [1141, 1168]}, {"key": "the-foregoing", "type": "definition", "offset": [1250, 1263]}, {"key": "to-serve", "type": "definition", "offset": [1308, 1316]}, {"key": "mutual-agreement-of-the-parties", "type": "clause", "offset": [1398, 1429]}, {"key": "experience-and-expertise", "type": "clause", "offset": [1457, 1481]}, {"key": "the-area", "type": "clause", "offset": [1485, 1493]}, {"key": "subject-of", "type": "clause", "offset": [1506, 1516]}, {"key": "the-rules", "type": "clause", "offset": [1637, 1646]}, {"key": "procedures-and-rules", "type": "clause", "offset": [1779, 1799]}, {"key": "procedures-for-arbitration", "type": "clause", "offset": [1862, 1888]}, {"key": "by-the-parties", "type": "clause", "offset": [1959, 1973]}, {"key": "decision-and-award", "type": "clause", "offset": [2067, 2085]}, {"key": "binding-upon", "type": "clause", "offset": [2121, 2133]}, {"key": "federal-arbitration-act", "type": "clause", "offset": [2168, 2191]}, {"key": "to-the-maximum-extent-permitted-by-law", "type": "clause", "offset": [2220, 2258]}, {"key": "court-of-competent-jurisdiction", "type": "definition", "offset": [2301, 2332]}, {"key": "by-any-party", "type": "clause", "offset": [2346, 2358]}, {"key": "final-judgment", "type": "definition", "offset": [2364, 2378]}], "snippet": "(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 \u201cIndependent Expert\u201d), 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 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, 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 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587., 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).\n(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.", "samples": [{"hash": "1Oxj2FvzqyE", "uri": "/contracts/1Oxj2FvzqyE#independent-experts", "label": "Purchase and Sale Agreement (Toreador Resources Corp)", "score": 21.0, "published": true}], "hash": "4354c8a017b42284dbe84f45eb011dbe", "id": 5}, {"size": 11, "snippet_links": [{"key": "executive-officer", "type": "definition", "offset": [5, 22]}, {"key": "right-to", "type": "definition", "offset": [38, 46]}, {"key": "the-services", "type": "definition", "offset": [54, 66]}, {"key": "number-of", "type": "clause", "offset": [74, 83]}, {"key": "in-the-field", "type": "clause", "offset": [104, 116]}, {"key": "obligations-of-confidentiality", "type": "clause", "offset": [205, 235]}, {"key": "the-executive", "type": "clause", "offset": [247, 260]}, {"key": "unresolved-matter", "type": "clause", "offset": [302, 319]}, {"key": "in-good-faith", "type": "definition", "offset": [379, 392]}], "snippet": "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.", "samples": [{"hash": "cppu9NPTt0R", "uri": "/contracts/cppu9NPTt0R#independent-experts", "label": "Technology Exchange and Development Agreement (Millennium Pharmaceuticals Inc)", "score": 18.0, "published": true}, {"hash": "c3rVI3CAPcU", "uri": 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[1799, 1812]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [1828, 1856]}, {"key": "with-respect-to", "type": "clause", "offset": [1857, 1872]}, {"key": "title-and-environmental-matters", "type": "clause", "offset": [1873, 1904]}, {"key": "decision-and-award", "type": "clause", "offset": [1922, 1940]}, {"key": "binding-upon", "type": "clause", "offset": [1976, 1988]}, {"key": "to-the-maximum-extent-permitted-by-law", "type": "clause", "offset": [2030, 2068]}, {"key": "court-of-competent-jurisdiction", "type": "definition", "offset": [2111, 2142]}, {"key": "by-any-party", "type": "clause", "offset": [2156, 2168]}, {"key": "final-judgment", "type": "definition", "offset": [2174, 2188]}], "snippet": "(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 \u201cIndependent Expert\u201d), 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.\n(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 (\u201cAAA\u201d) 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.\n(c) All proceedings under this Section 4.08 shall be conducted in Lafayette, Louisiana or such other mutually agreed location.", "samples": [{"hash": "bEcPihjMawg", "uri": "/contracts/bEcPihjMawg#independent-experts", "label": "Purchase and Sale Agreement (Energy Xxi (Bermuda) LTD)", "score": 21.0, "published": true}, {"hash": "4BWI7Jw5MdI", "uri": "/contracts/4BWI7Jw5MdI#independent-experts", "label": "Purchase and Sale Agreement (Energy Xxi (Bermuda) LTD)", "score": 21.0, "published": true}], "hash": "a94fcc84707281172d750b00c0ac0b2c", "id": 4}, {"size": 1, "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [4, 16]}, {"key": "disputed-items", "type": "definition", "offset": [26, 40]}, {"key": "the-independent", "type": "clause", "offset": [57, 72]}, {"key": "pursuant-to-section", "type": "definition", "offset": [81, 100]}, {"key": "facilities-management", "type": "clause", "offset": [182, 203]}, {"key": "separation-principles", "type": "definition", "offset": [252, 273]}, {"key": "appointed-experts", "type": "definition", "offset": [280, 297]}, {"key": "third-expert", "type": "definition", "offset": [401, 413]}, {"key": "individual-with", "type": "clause", "offset": [487, 502]}, {"key": "expenses-of-the", "type": "clause", "offset": [571, 586]}, {"key": "by-parent", "type": "clause", "offset": [622, 631]}, {"key": "other-persons", "type": "clause", "offset": [736, 749]}, {"key": "not-agreed", "type": "definition", "offset": [824, 834]}, {"key": "independent-third-party", "type": "definition", "offset": [1006, 1029]}, {"key": "agreed-to-by", "type": "clause", "offset": [1040, 1052]}, {"key": "subject-matter", "type": "clause", "offset": [1079, 1093]}, {"key": "applicable-territory", "type": "definition", "offset": [1111, 1131]}, {"key": "will-apply-to", "type": "clause", "offset": [1162, 1175]}, {"key": "actions-taken", "type": "clause", "offset": [1180, 1193]}, {"key": "by-or-on-behalf-of", "type": "definition", "offset": [1327, 1345]}, {"key": "business-days-of", "type": "clause", "offset": [1433, 1449]}, {"key": "the-business", "type": "clause", "offset": [1529, 1541]}, {"key": "prior-to-the-closing-date", "type": "clause", "offset": [1546, 1571]}, {"key": "to-act", "type": "definition", "offset": [1637, 1643]}, {"key": "the-party", "type": "clause", "offset": [1705, 1714]}, {"key": "section-3", "type": "clause", "offset": [2101, 2110]}, {"key": "costs-of", "type": "clause", "offset": [2167, 2175]}, {"key": "such-party", "type": "clause", "offset": [2213, 2223]}, {"key": "other-costs", "type": "clause", "offset": [2229, 2240]}, {"key": "the-fees-and-expenses", "type": "clause", "offset": [2422, 2443]}, {"key": "default-by-the", "type": "clause", "offset": [2481, 2495]}, {"key": "other-party", "type": "definition", "offset": [2496, 2507]}, {"key": "paying-party", "type": "definition", "offset": [2514, 2526]}, {"key": "defaulting-party", "type": "definition", "offset": [2553, 2569]}, {"key": "determine-the", "type": "clause", "offset": [2689, 2702]}, {"key": "in-dispute", "type": "definition", "offset": [2710, 2720]}, {"key": "majority-vote", "type": "definition", "offset": [2724, 2737]}, {"key": "the-recommendation", "type": "clause", "offset": [2754, 2772]}, {"key": "in-connection-with", "type": "clause", "offset": [2802, 2820]}, {"key": "such-determination", "type": "definition", "offset": [2858, 2876]}, {"key": "the-relevant", "type": "clause", "offset": [2990, 3002]}, {"key": "confidential-information-of-each-party", "type": "clause", "offset": [3061, 3099]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [3135, 3163]}, {"key": "final-plans", "type": "definition", "offset": [3226, 3237]}, {"key": "executed-by", "type": "clause", "offset": [3391, 3402]}, {"key": "in-accordance-with", "type": "definition", "offset": [3428, 3446]}, {"key": "provisions-of-the-agreement", "type": "clause", "offset": [3458, 3485]}, {"key": "after-receiving", "type": "clause", "offset": [3515, 3530]}, {"key": "a-copy-of-the", "type": "clause", "offset": [3536, 3549]}, {"key": "the-transaction-agreement", "type": "clause", "offset": [3731, 3756]}], "snippet": "3.1 In the event that any disputed items are referred to the Independent Experts pursuant to Section 2.10:\n(a) Each of Parent and Acquiror will nominate one Person with expertise in facilities management and separation who has read and understands the Separation Principles (the \u201cAppointed Experts\u201d).\n(b) The Appointed Experts will promptly agree on the identity of the third Independent Expert (the \u201cThird Expert\u201d); provided, however, that the Third Expert will be an engineer or other individual with the expertise necessary to address the disputed item. The costs and expenses of the Third Expert will be borne equally by Parent and Acquiror, and Parent and Acquiror acknowledge that the Third Expert may hire or engage surveyors or other persons necessary to address the disputed item.\n(c) If the Appointed Experts have not agreed to and appointed the Third Expert within 10 Business Days following their appointment, then either Parent or Acquiror may request that the Third Expert be appointed by an independent third Party, mutually agreed to by Parent and Acquiror, with subject matter expertise in the Applicable Territory.\n3.2 The following provisions will apply to the actions taken by the Independent Experts:\n(a) The Independent Experts will consider, among other things, any written recommendations promptly made by or on behalf of Parent or Acquiror;\n(b) The Independent Experts will deliver a determination within 10 Business Days of any referral of a disputed item to such Independent Experts or, if earlier, by the Business Day prior to the Closing Date;\n(c) If any Independent Expert is or becomes unable or unwilling to act, then (i) if such Independent Expert is an Appointed Expert, the Party that appointed such Independent Expert will, as promptly as practicable after becoming aware of such inability or unwillingness, appoint a replacement Independent Expert, or (ii) if such Independent Expert is the Third Expert, the Appointed Experts will, as promptly as practicable after becoming aware of such inability or unwillingness, appoint a replacement Third Expert pursuant to Section 3.1(b); and\n(d) Each of Parent and Acquiror will bear the costs of the Independent Expert identified by such Party. All other costs reasonably incurred as a result of any referral of a disputed item to the Independent Experts will be borne equally by Parent and Acquiror. If either Parent or Acquiror pays all of the fees and expenses of the Third Expert as a result of a default by the other Party, such paying Party will be reimbursed by the defaulting Party as promptly as practicable, but in any event within 10 Business Days of such default.\n3.3 The Independent Experts will determine the matter in dispute by majority vote and must select the recommendation of either Parent or Acquiror in connection with the matter in dispute. In making any such determination, the Independent Experts will:\n(a) Apply the Separation Principles;\n(b) Consider the feasibility of implementing the relevant proposal on or prior to the Closing Date;\n(c) Protect the confidential information of each Party; and\n(d) Otherwise comply with the provisions of this Agreement.\n3.4 If the Independent Experts agree upon any portion of the Final Plans, the Independent Experts will evidence their agreement by delivering to each of Parent and Acquiror a copy of such agreed to portions of the Final Plans executed by the Independent Experts, in accordance with the notice provisions of the Agreement. If, within 30 Business Days after receiving such a copy of the Final Plans, Parent is advised by counsel that such Final Plans (or any portion thereof) would otherwise prevent Parent from obtaining the opinion required under Section 7.03(d) of the Transaction Agreement, and Parent so notifies the Independent Experts, the Independent Experts will develop revised Final Plans in accordance with this Section 3 that are not inconsistent in any manner with the Separation Principles and would not otherwise prevent Parent from obtaining the opinion required under Section 7.03(d) of the Transaction Agreement.", "samples": [{"hash": "8VWiHjUWGI9", "uri": "/contracts/8VWiHjUWGI9#independent-experts", "label": "Split Plan Agreement (Galleria Co.)", "score": 27.3052703628, "published": true}], "hash": "feee6363f844c24a74c1d845c2019360", "id": 6}, {"size": 1, "snippet_links": [{"key": "section-103", "type": "clause", "offset": [0, 12]}, {"key": "failure-of-executive-officers-to-resolve-dispute", "type": "clause", "offset": [13, 61]}, {"key": "alternative-dispute-resolution", "type": "definition", "offset": [91, 121]}], "snippet": "Section 10.3 Failure of Executive Officers to Resolve Dispute..............59 Section 10.4 Alternative Dispute Resolution................................59 Section 10.5", "samples": [{"hash": "5Zkrr0jXKEQ", "uri": "/contracts/5Zkrr0jXKEQ#independent-experts", "label": "Confidentiality Agreement (Millennium Pharmaceuticals Inc)", "score": 18.0, "published": true}], "hash": "619390be696efa329cbcc36df2579e04", "id": 7}, {"size": 1, "snippet_links": [{"key": "binding-mediation", "type": "clause", "offset": [20, 37]}, {"key": "article-xi", "type": "definition", "offset": [93, 103]}], "snippet": "50 Section 10.5 Non-Binding Mediation.....................................................50 Article XI", "samples": [{"hash": "5wXt7AWGuP4", "uri": "/contracts/5wXt7AWGuP4#independent-experts", "label": "Technology Transfer Agreement (Millennium Pharmaceuticals Inc)", "score": 18.0, "published": true}], "hash": "8c316060668721fe68cc55caa237efd8", "id": 8}, {"size": 1, "snippet_links": [{"key": "the-management-committee", "type": "clause", "offset": [0, 24]}, {"key": "experts-and-consultants", "type": "clause", "offset": [48, 71]}, {"key": "deemed-necessary", "type": "definition", "offset": [75, 91]}, {"key": "the-committee", "type": "clause", "offset": [103, 116]}, {"key": "cost-of", "type": "definition", "offset": [129, 136]}, {"key": "the-parties", "type": "definition", "offset": [203, 214]}, {"key": "agreed-to-by-the", "type": "definition", "offset": [218, 234]}], "snippet": "The Management Committee may retain independent experts and consultants if deemed necessary to perform the Committee\u2019s work. The cost of such independent experts and consultants shall be allocated among the parties as agreed to by the Management Committee.", "samples": [{"hash": "h5AJ1OXITST", "uri": "/contracts/h5AJ1OXITST#independent-experts", "label": "Intergovernmental Agreement", "score": 20.1745379877, "published": true}], "hash": "bc0be1faba9ab3c1099f0267671dc2c6", "id": 9}, {"size": 1, "snippet_links": [{"key": "binding-mediation", "type": "clause", "offset": [13, 30]}], "snippet": "111 12.5 Non-Binding Mediation........................................................................111", "samples": [{"hash": "bVDHqT2LwTq", "uri": "/contracts/bVDHqT2LwTq#independent-experts", "label": "Collaboration and License Agreement (Millennium Pharmaceuticals Inc)", "score": 18.0, "published": true}], "hash": "77662fb428d66e294b98c2b415c71598", "id": 10}], "next_curs": "ClwSVmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjgLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhxpbmRlcGVuZGVudC1leHBlcnRzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"size": 52, "parents": [["title-and-environmental-matters", "Title and Environmental Matters"], ["dispute-resolution", "Dispute Resolution"], ["survival", "Survival"], ["title-matters", "Title Matters"], ["objective", "Objective"]], "title": "Independent Experts", "children": [["selection-of-independent-experts", "Selection of Independent Experts"], ["location-of-proceeding", "Location of Proceeding"], ["procedures", "Procedures"]], "id": "independent-experts", "related": [["independent-expert", "Independent Expert", "Independent Expert"], ["independent-accountant", "Independent Accountant", "Independent Accountant"], ["independent-auditors", "Independent Auditors", "Independent Auditors"], ["independent-auditor", "Independent Auditor", "Independent Auditor"], ["independent-audit", "Independent Audit", "Independent Audit"]], "related_snippets": [], "updated": "2025-07-07T16:38:45+00:00", "also_ask": ["What criteria should be used to select and define an 'independent expert' to avoid bias?", "How can the scope of the expert\u2019s authority and decision-making power be strategically limited or expanded?", "What are the key risks if the expert\u2019s determination is final and binding\u2014can it be challenged in court?", "How does this clause compare to arbitration or other dispute resolution mechanisms in terms of enforceability?", "What drafting safeguards are essential to ensure the expert\u2019s process is fair, transparent, and legally defensible?"], "drafting_tip": "Specify expert qualifications to ensure competence, define appointment process to prevent disputes, and clarify decision-binding effect to ensure enforceability.", "explanation": "The Independent Experts clause establishes a process for appointing neutral third-party specialists to resolve specific disputes or technical questions that may arise under the agreement. Typically, this clause outlines how the expert is selected, the scope of their authority, and how their decision will be treated\u2014often as final and binding on the parties. Its core function is to provide an efficient, impartial mechanism for resolving complex or specialized issues without resorting to lengthy litigation or arbitration, thereby saving time and reducing conflict."}, "json": true, "cursor": ""}}