Appointing Appraisers Clause Samples
The 'Appointing Appraisers' clause establishes the process by which parties select independent appraisers to assess the value of property, damages, or losses in the event of a dispute. Typically, each party chooses their own appraiser, and if the appraisers cannot agree, a neutral third appraiser or umpire may be appointed to make a final determination. This clause ensures an objective and fair valuation process, helping to resolve disagreements over value without resorting to litigation.
Appointing Appraisers. If Owner and Holder cannot agree on (i) --------------------- the equitable amount under Section 5(c), (ii) the value of the noncash consideration under Section 5(f), or (iii) the fair market value under Section 8.2 or 12.9, the amount or value (the "Value") will be determined in accordance with the appraisal procedures contained in this Section 6. Within 15 days after Owner or Holder receives a demand from the other for an appraisal in accordance with this Section 6, Owner and Holder each shall appoint a Qualified Appraiser (as defined in Section 6.2). If one of them fails to timely appoint a Qualified Appraiser, the Qualified Appraiser appointed by the other will determine the Value.