Common use of Tertiary Review Process Clause in Contracts

Tertiary Review Process. (a) If the Market Valuer and Secondary Valuer are unable to agree, or either party is dissatisfied with the outcome of the Secondary Review Process, DHA or the Lessor may initiate the following process (the “Tertiary Review Process”). The Tertiary Review Process must be invoked within 7 days of the expiry of the Consultation Period, by providing: (i) written notice to the other party of its intent to invoke the Tertiary Review Process; and (ii) a written request to the President of the local Division of the Australian Property Institute in the State or Territory in which the Property is located to appoint a valuer (the “President’s Valuer”) to assess the market rent. (b) The costs of the President’s Valuer must be met by the Lessor and DHA equally. (c) The valuation of market rent by the President’s Valuer is final and conclusive. (d) If the Tertiary Review Process is not invoked within 7 days of the expiry of the Consultation Period the original valuation of market rent by the Market Valuer is final and conclusive.

Tertiary Review Process. (a) If the Market Valuer and Secondary Valuer are unable to agree, or either party is dissatisfied with the outcome of the Secondary Review Process, DHA or the Lessor may initiate the following process (the “Tertiary Review Process”)) . The Tertiary Review Process must be invoked within 7 days of the expiry of the Consultation Period, by providing: (i) written notice to the other party of its intent to invoke the Tertiary Review Process; and (ii) a written request to the President of the local Division of the Australian Property Institute in the State or Territory in which the Property is located to appoint a valuer (the “President’s Valuer”) to assess the market rent. (b) The costs of the President’s Valuer must be met by the Lessor and DHA equally. (c) The valuation of market rent by the President’s Valuer is final and conclusive. (d) If the Tertiary Review Process is not invoked within 7 days of the expiry of the Consultation Period the original valuation of market rent by the Market Valuer is final and conclusive.