Melbourne Office - PO Box 452, COLLINS STREET WEST VIC 8007 AUSTRALIA
Sydney Office - GPO Box 2506, SYDNEY NSW 2001 AUSTRALIA
Telephone: Melbourne Office - +61 3 9629 3709 Sydney Office - +61 2 9233 2600
Facsimile: Melbourne Office - +61 3 9629 3217 Sydney Office - +61 2 9233 3044
Clause 26.1 is headed Expert Determination. It provides:
(A) In the event of any dispute regarding
(i) the amount of any profit or loss allocations due to a Member pursuant to Clause 9 or
(ii) any payment due to an Outgoing Member under Clause 17,
then if such dispute has not been resolved within 30 days following any determination by the Managing Member under Clause 9.2 or allocation under Clause 9.3, or any calculation or valuation made or required under Clause 17,
any affected party may refer the matter or matters in dispute to a partner in an independent firm of internationally recognised chartered accountants agreed upon between them,
or failing such agreement within 7 days to be selected at the instance of any party by the President for the time being of the Institute of Chartered Accountants of England and Wales.
The parties shall use their respective best endeavours to procure that the accountant delivers his decision within such time as may be stipulated in the terms of reference.
(B) Such accountant shall act as an expert and not as arbitrator and shall determine the matter or matters in dispute
(which may include any dispute concerning the interpretation of any provision of this Agreement or his jurisdiction to determine the dispute or the content or interpretation of his terms of reference)
and his decision shall be final and binding on the parties hereto.
(C) Each of the parties hereto shall provide to the accountant such information as the accountant may reasonably require a party to provide for the purpose of determining the dispute and which such party has in its possession or under its control.
(D) The fees and expenses of the accountant shall be borne by the parties hereto equally or in such other proportions as the accountant shall direct.“