A contract provided for the sale and purchase of shares. In the absence of agreement a third party firm of accountants would act as valuer as an expert, and his decision was to be final and binding on the parties. One party now appealed a decision not to strike out a claim which sought to go behind the valuation.
Held: The agreement was clear, and there was no evidence of bad faith on the part of the valuer, or that he had departed from his instructions. The parties had agreed to be bound by his decision whether given with or without reasons. His decision was binding. Appeal allowed.
Citations:
[1992] 1 WLR 277, [1992] 2 All ER 170
Jurisdiction:
England and Wales
Cited by:
Cited – Veba Oil Supply and Trading Gmbh v Petrotrade Inc CA 6-Dec-2001
A dispute between parties to a contract was to be determined by an independent expert. It was claimed that his report was not binding on the parties, since he had departed from his instructions in a material way. In this context, what constituted a . .
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 . .
Cited – AIC Ltd v ITS Testing Services (UK) Ltd (‘the Kriti Palm’) CA 28-Nov-2006
The defendant appealed a finding of deceit. Having issued its certificate as to the quality of a cargo of gasoline, it then failed to disclose to the party who had paid it to produce the certificate, information it had which cast doubt on the . .
Lists of cited by and citing cases may be incomplete.
Company, Arbitration
Updated: 23 March 2022; Ref: scu.182855