Common use of Technical Experts Clause in Contracts

Technical Experts. If the matter is a technical disagreement, it will be submitted to the opinion of experts appointed as follows: one by each party, and the third named by the other two experts. Should the experts not agree and upon the petition of either party, the third expert will be appointed by the association of professionals with greatest relation to the matter under dispute or a related area, where the association is a technical consultative body for the Government, based in Bogotá. Once the experts have been appointed: a) They will issue their opinion in the thirty (30) Days following their appointment. The experts will indicate the place and time for the receipt of information from the Parties. At the request of the experts, the Parties may grant an extension of the initial term allowed. b) The Parties will deliver all relevant information, which the experts may consider necessary; c) The Parties will focus on and set a limit to the matters which they are to decide; d) The costs and expenses of technical experts will be borne by the Parties in equal portions. e) The opinion will be issued by majority, will be binding on the Parties and will have the effect of a transaction.

Technical Experts. If the matter is a technical disagreement, it will be submitted to the opinion of experts appointed as follows: one by each party, and the third named by the other two experts. Should the experts not agree and upon agree, at the petition of either party, the third expert will be appointed by the association of professionals with greatest relation to on the matter under involved in the dispute or a related area, where the association is a technical body acting as consultative body institution for the National Government, based in Bogotá. Once the experts have been appointed: a) They the experts will issue their opinion in the within thirty (30) Days following their days of appointment. The experts will indicate the place and time for the receipt of information from the Parties. At the request of the experts, the Parties may grant an extension of the initial term allowed. b) The Parties will deliver all relevant information, which the experts may consider to be necessary; c) The Parties will focus and demarcate the matter on and set a limit to which the matters which they experts are to decide; d) The costs and expenses of the technical experts will be borne by the Parties in equal portions.; and e) The opinion will be issued by majority, and will be binding on the Parties and will have for the effect purposes of a transactionsettlement.

Technical Experts. If the matter is a technical disagreement, it will be submitted to the opinion of experts appointed as follows: one by each party, and the third named by the other two experts. Should the experts not agree and upon the petition of either party, the third expert will be appointed by the association of professionals with greatest relation to the matter under dispute or a related area, where the association is a technical consultative body for the Government, based in Bogotá. Once the experts have been appointed:. a) They will issue their opinion in the thirty (30) Days following their appointment. The experts will indicate the place and time for the receipt of information from the Parties. At the request of the experts, the Parties may grant an extension of the initial term allowed. b) The Parties will deliver all relevant information, which the experts may consider necessary; c) The Parties will focus on and set a limit to the matters which they are to decide; d) The costs and expenses of technical experts will be borne by the Parties in equal portions. e) The opinion will be issued by majority, will be binding on the Parties and will have the effect of a transaction.

Technical Experts. If the matter is a technical disagreement, it will be submitted to the opinion of experts appointed as follows: one by each party, and the third named by the other two experts. Should the experts not agree and upon agree, at the petition of either party, the third expert will be appointed by the association of professionals with greatest relation to on the matter under involved in the dispute or a related area, where the association is a technical body acting as consultative body institution for the Government, based in Bogotá. Once the experts have been appointed:Bogota. a) They the experts will issue their opinion in the within thirty (30) Days following their of appointment. The experts will indicate the place and time for the receipt of information from the Parties. At the request of the experts, the Parties may grant an extension of the initial term allowed. b) The Parties will deliver all relevant information, which the experts may consider to be necessary; c) The Parties will focus and demarcate the matter on and set a limit to which the matters which they experts are to decide; d) The costs and expenses of the technical experts will be borne by the Parties in equal portions.; and e) The opinion will be issued by majority, and will be binding on the Parties and will have for the effect purposes of a transactionsettlement.