Common use of Principal Agent Clause in Contracts

Principal Agent. 10.1 The Parties agree that the referral of a matter to the Principal Agent in accordance with the provisions of this Agreement shall be subject to the following provisions – 10.1.1 the Principal Agent shall act as an expert and not as an arbitrator; 10.1.2 it is the intention that determination shall be made as quickly and in the most effective manner reasonably possible in the circumstances; 10.1.3 the fees of the Principal Agent, if any, and any costs incurred by the Principal Agent, if any, shall be borne and paid for by the Party determined by the Principal Agent. Any other costs which the Parties may incur in relation to the determination shall be for their own account; and 10.1.4 the determination of the Principal Agent shall, in the absence of manifest error and subject to clause 11 below, be final and binding on the Parties and shall not be subject to appeal or review. 10.2 The Parties agree that in the event of the Builder and/or the Owner (in this clause referred to as the “disputing party”) disputing – 10.2.1 whether the Works have reached a stage where a Practical Completion Certificate may be issued by the Principal Agent; or 10.2.2 any determination or instruction given by the Principal Agent pursuant to the provisions of clauses 5.1.5.4.1, 6.8.2, 7.1.2 and/or 9.5, then the Principal Agent and the disputing party shall meet within 3 (three) days after being requested by any one of the Parties to do so with the view to resolve the dispute raised by the disputing party in respect of the aforesaid matters. 10.3 In the event of the Principal Agent and the disputing party reaching an agreement in respect of the matter in dispute, such agreement shall be the Principal Agent’s determination in respect that matter and same shall be binding on the Owner and the Builder.

Principal Agent. 10.1 9.1 The Parties agree that the referral of a matter to the Principal Agent in accordance with the provisions of this Agreement shall be subject to the following provisions – 10.1.1 9.1.1 the Principal Agent shall act as an expert and not as an arbitrator; 10.1.2 9.1.2 it is the intention that determination shall be made as quickly and in the most effective manner reasonably possible in the circumstances; 10.1.3 9.1.3 the fees of the Principal Agent, if any, and any costs incurred by the Principal Agent, if any, shall be borne and paid for by the Party determined by the Principal Agent. Any other costs which the Parties may incur in relation to the determination shall be for their own account; and 10.1.4 9.1.4 the determination of the Principal Agent shall, in the absence of manifest error and subject to clause 11 10 below, be final and binding on the Parties and shall not be subject to appeal or review. 10.2 9.2 The Parties agree that in the event of the Builder and/or the Owner (in this clause referred to as the “disputing party”) disputing – 10.2.1 9.2.1 whether the Works have reached a stage where a Practical Completion Certificate may be issued by the Principal Agent; or 10.2.2 9.2.2 any determination or instruction given by the Principal Agent pursuant to the provisions of clauses 5.1.5.4.14.1.4.4.1, 6.8.25.7, 7.1.2 6.1.2 and/or 9.58.6, then the Principal Agent and the disputing party shall meet within 3 (three) days after being requested by any one of the Parties to do so with the view to resolve the dispute raised by the disputing party in respect of the aforesaid matters. 10.3 9.3 In the event of the Principal Agent and the disputing party reaching an agreement in respect of the matter in dispute, such agreement shall be the Principal Agent’s determination in respect that matter and same shall be binding on the Owner and the Builder.

Principal Agent. 10.1 9.1 The Parties agree that the referral of a matter to the Principal Agent in accordance with the provisions of this Agreement shall be subject to the following provisions – 10.1.1 9.1.1 the Principal Agent shall act as an expert and not as an arbitrator; 10.1.2 9.1.2 it is the intention that determination shall be made as quickly and in the most effective manner reasonably possible in the circumstances; 10.1.3 9.1.3 the fees of the Principal Agent, if any, and any costs incurred by the Principal Agent, if any, shall be borne and paid for by the Party determined by the Principal Agent. Any other costs which the Parties may incur in relation to the determination shall be for their own account; and 10.1.4 9.1.4 the determination of the Principal Agent shall, in the absence of manifest error and subject to clause 11 10 below, be final and binding on the Parties and shall not be subject to appeal or review. 10.2 9.2 The Parties agree that in the event of the Builder and/or the Owner (in this clause referred to as the “disputing party”) disputing – 10.2.1 9.2.1 whether the Works have reached a stage where a Practical Completion Certificate may be issued by the Principal Agent; or 10.2.2 9.2.2 any determination or instruction given by the Principal Agent pursuant to the provisions of clauses 5.1.5.4.14.2.4.4.1, 6.8.25.7, 7.1.2 6.1.2, 6.4.4 and/or 9.58.5, then the Principal Agent and the disputing party shall meet within 3 (three) days after being requested by any one of the Parties to do so with the view to resolve the dispute raised by the disputing party in respect of the aforesaid matters. 10.3 9.3 In the event of the Principal Agent and the disputing party reaching an agreement in respect of the matter in dispute, such agreement shall be the Principal Agent’s determination in respect of that matter and same shall be binding on the Owner and the Builder.

Principal Agent. 10.1 9.1 The Parties agree that the referral of a matter to the Principal Agent in accordance with the provisions of this Agreement shall be subject to the following provisions – 10.1.1 9.1.1 the Principal Agent shall act as an expert and not as an arbitrator; 10.1.2 9.1.2 it is the intention that determination shall be made as quickly and in the most effective manner reasonably possible in the circumstances; 10.1.3 9.1.3 the fees of the Principal Agent, if any, and any costs incurred by the Principal Agent, if any, shall be borne and paid for by the Party determined by the Principal Agent. Any other costs which the Parties may incur in relation to the determination shall be for their own account; and 10.1.4 9.1.4 the determination of the Principal Agent shall, in the absence of manifest error and subject to clause 11 10 below, be final and binding on the Parties and shall not be subject to appeal or review. 10.2 9.2 The Parties agree that in the event of the Builder and/or the Owner (in this clause referred to as the “disputing party”) disputing – 10.2.1 9.2.1 whether the Works have reached a stage where a Practical Completion Certificate may be issued by the Principal Agent; or 10.2.2 9.2.2 any determination or instruction given by the Principal Agent pursuant to the provisions of clauses 5.1.5.4.14.1.4.4.1, 6.8.25.8.2, 7.1.2 6.1.2 and/or 9.58.5, then the Principal Agent and the disputing party shall meet within 3 (three) days after being requested by any one of the Parties to do so with the view to resolve the dispute raised by the disputing party in respect of the aforesaid matters. 10.3 9.3 In the event of the Principal Agent and the disputing party reaching an agreement in respect of the matter in dispute, such agreement shall be the Principal Agent’s determination in respect that matter and same shall be binding on the Owner and the Builder.