The court looked at its ability to set aside an expert’s certificate as to value.
Held: If an expert valuer has undertaken his task honestly and in good faith, the outcome cannot be challenged simply because he has made a mistake or one side does not like the outcome.
Lord Denning MR said: ‘It is simply the law of contract. If two persons agree that the price of property should be fixed by a valuer on whom they agree, and he gives that valuation honestly and in good faith, they are bound by it. Even if he has made a mistake they are still bound by it. The reason is because they have agreed to be bound by it.’
Judges:
Lord Denning MR
Citations:
[1976] 1 WLR 403, [1976] 1 All ER 785
Jurisdiction:
England and Wales
Cited by:
Cited – Morgan Sindall Plc v Sawston Farms (Cambs) Ltd CA 3-Dec-1998
An option had been given for the purchase of land. The claimant challenged the value assigned on exercising the option. The landowner subsequently disclosed a right of way over the land.
Held: An expert’s valuation cannot be challenged if it . .
Lists of cited by and citing cases may be incomplete.
Contract
Updated: 23 June 2022; Ref: scu.180627
