Substitute or replacement Expert Clause Samples
The Substitute or Replacement Expert clause establishes the procedure for appointing a new expert if the originally designated expert is unable or unwilling to fulfill their duties. Typically, this clause outlines the circumstances under which a replacement may be necessary, such as illness, conflict of interest, or unavailability, and details the process for selecting and approving a substitute expert, often requiring agreement from both parties. Its core function is to ensure continuity and fairness in proceedings that rely on expert input, minimizing delays and disputes that could arise from the absence or withdrawal of the original expert.
Substitute or replacement Expert. If the Expert dies or becomes unwilling to act or incapable of acting, then the Purchaser and the Seller shall:
4.1 accept any substitute Expert reasonably nominated by the firm engaged by them following a written request to such firm to do so from either the Purchaser or the Seller; or
4.2 if no substitute is nominated within 10 Business Days of such request, promptly discharge the original Expert and appoint a replacement expeditiously, and this part 2 shall apply to the replacement Expert as if he were the first Expert appointed.
Substitute or replacement Expert. If the Expert dies or becomes unwilling to act or incapable of acting, then the Sellers and the Purchaser shall:
13.1 accept any substitute Expert reasonably nominated by the firm engaged by them following a written request to such firm to do so from either the Purchaser or the Sellers’ Representative; or
13.2 if no substitute is nominated within 20 Business Days of such request, promptly discharge the original Expert and appoint a replacement following the process set out in paragraph 10 above, and this part 2 shall apply to the replacement Expert as if he were the first Expert appointed. £ Xamol Sub Tek Components Process Valves Hi-Tek US Aggregated Consol. adjustments Legacy consolidated Canada Singapore Interco. adjustments Completion Accounts Goodwill x x x x x x x x x x x x x Fixed assets x x x x x x x x x x x x x Investments x x x x x x x x x x x x x Intangibles x x x x x x x x x x x x x Stock x x x x x x x x x x x x x Trade debtors x x x x x x x x x x x x (x) x Prepayments x x x x x x x x x x x x x Other debtors x x x x x x x x x x x x x Intercompany loans - Xamol x x x x x x x x x x x x x x Intercompany loans - Canada x x x x x x x x x x x x x x Intercompany loans - Singapore x x x x x x x x x x x x x x Trade creditors (x) (x) (x) (x) (x) (x) (x) (x) x (x) (x) (x) (x) Accruals (x) (x) (x) (x) (x) (x) (x) (x) x (x) (x) (x) (x) Other creditors (x) (x) (x) (x) (x) (x) (x) (x) x (x) (x) (x) (x) Tax and social security (x) (x) (x) (x) (x) (x) (x) (x) x (x) (x) (x) (x) Cash x x x x x x x x x x x x x Corporation tax (x) (x) (x) (x) (x) (x) (x) (x) x (x) (x) (x) (x) Directors loan accounts x x x x x x x x x x x x x Dividend account x x x x x x x x x x x x x Employee loan account x x x x x x x x x x x x x Deferred tax (x) (x) (x) (x) (x) (x) (x) (x) x (x) (x) (x) (x)