✨ Legal Agreement Details
5 JULY 2011 NEW ZEALAND GAZETTE, No. 93 2621
(a) the parties will appoint by mutual agreement an Expert to determine the matter, but if they cannot do so within 10 Business Days, then either party may request (if the amount involved in the matter to be determined exceeds $5,000,000) the Shareholding Ministers, or (if the amount involved is less than $5,000,000 or the Shareholding Ministers after being requested decline to make an appointment) the president or vice president of the New Zealand Law Society or his or her nominee, to make that appointment. An appointment so made following such a request is conclusive, and subject to paragraph (d) below, ousts the parties' right to make that appointment. The Expert appointed may be a lawyer, chartered accountant, or other suitably qualified person. As a condition of accepting his or her appointment, an Expert is entitled to require security or indemnity for costs;
(b) the Expert must give the parties notice of his or her appointment and, in that notice, invite the parties to submit to him or her within a specified period (not exceeding 30 Business Days) any representations that the parties wish to make;
(c) the Expert:
(i) must act as an expert and not as an arbitrator;
(ii) must consider and take into account any representations submitted to him or her in accordance with paragraph (b) above, but will not be limited or fettered by them in any way;
(iii) is entitled to rely on his or her judgement and opinion;
(iv) is not required to state any reasons for his or her determination; and
(v) within 60 Business Days after his or her appointment, or within such extended period as the parties may agree, must give the parties written notice of his or her determination. That determination will be final and binding on the parties;
(d) if the Expert does not give notice of his or her determination within the time and in the manner referred to above or if he or she relinquishes his or her appointment or dies or for any other reason it becomes apparent that he or she will be unable to complete his or her duties under this clause 15.1, a new person may be appointed as Expert in his or her place (and the provisions of this clause 15.1 are to operate in relation to that appointment as in relation to the original appointment). This procedure may be repeated as many times as necessary for the determination to be made in accordance with this clause 15.1; and
(e) the Expert’s fees or charges will be borne by a party to the dispute or borne and shared by both parties in the manner determined by the Expert and, in the absence of such a determination, will be borne and shared equally by both parties. Subject to this, each party will bear its own costs and expenses in connection with the determination.
- WARRANTIES
16.1 Purchaser’s representations: The Purchaser represents and warrants to the Vendor that:
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Agreement for Sale and Purchase of Power Stations
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🌾 Primary Industries & ResourcesAgreement, Sale, Purchase, Power Stations, Expert Determination, Dispute Resolution, Legal Provisions