Process of Determination Sample Clauses
The "Process of Determination" clause outlines the specific steps and procedures that parties must follow to reach a formal decision or resolve a particular issue under the agreement. Typically, this clause details who is responsible for making the determination, the criteria or information to be considered, and any required timelines or notifications. For example, it may require one party to submit evidence or documentation, after which the other party must respond within a set period. The core function of this clause is to ensure that decisions are made in a structured, transparent, and fair manner, thereby reducing ambiguity and minimizing disputes over how determinations are reached.
Process of Determination. (A) Subject to the Expert's right to call for oral explanations, submissions or information from a Party pursuant to Clause 23(e)(iv)(B), all communications or submissions from either of the Parties to the Expert relating to the matter to be resolved by the Expert shall be made in writing and a copy thereof shall be provided simultaneously to the other Party.
(B) Each of the Parties may make such written submissions and may supply such written information to the Expert as it thinks fit and the Expert shall be entitled to request and receive such oral or written explanations, submissions or information from the Parties as he may consider desirable to enable him to reach his decision, in which event each of the Parties shall, subject to Clause 23(e)(v), comply promptly with any such request, and the other Party shall be provided with a copy of such written submissions and documentation by the relevant Party and shall be entitled to be present or represented at any such oral submission, explanation or examination.
(C) If a Party is requested by the Expert to make or give any oral explanations, submissions or information to an Expert, such Party shall give to the other Party not less than fourteen (14) Days' notice of the time and place at which such oral explanations, submissions or information are to be made or given and shall afford to the other Party the opportunity to be present.
(D) Irrespective of whether the Expert requests oral explanations, submissions or information, the Expert shall require the Parties to submit final written proposals on the subject matter of the dispute in such form and by such date as the Expert may require (but in any event upon not less than fourteen (14) Days' notice).
(E) The Expert shall be entitled to obtain such independent professional or technical advice as he may reasonably require.
Process of Determination. (A) Subject to the Expert's right to call for oral explanations, submissions or information from a Party pursuant to Clause 16(e)(iv)(B), all communications or submissions from either of the Parties to the Expert relating to the matter to be resolved by the Expert shall be made in writing and a copy thereof shall be provided simultaneously to the other Party.
(B) Each of the Parties may make such written submissions andmay supply such written information to the Expert as it thinks fit and the Expert shall be entitled to request and receive such oral or written explanations, submissions or information from the Parties as he may consider desirable to enable him to reach his decision, in which event each of the Parties shall, subject to Clause 16(e)(v), comply promptly with any such request, and the other Party shall be provided with a copy of such written submissions and documentation by the relevant Party and shall be entitled to be present or represented at any such oral submission, explanation or examination.
(C) If a Party is requested by the Expert to make or give any oral explanations, submissions or information to an Expert, such Party shall give to the other Party not less than fourteen
Process of Determination. Each of APB and AML shall, within the period of 15 Business Days from the date of appointment of the Expert be entitled to make oral and written submissions to the Expert provided always that all written submissions shall be copied at the same time to the other and that all oral submissions shall be made exclusively in meetings with the Expert at which a duly authorised representative of each of APB and AML is in attendance. If the Expert shall require any factual clarification during the course of its valuation it shall notify each of APB and AML in writing and such matters as are raised shall be discussed in a meeting or meetings at which duly authorised representatives of each of APB and AML are present. Within 10 Business Days following the later of the date of (i) receipt by the Expert of written submissions by APB and/ or AML, and (ii) any factual clarification meeting or meetings convened by the Expert, but in any event no later than 60 Business Days after appointment of the Expert, the Expert shall determine the valuation based on the criteria set forth in this Agreement applicable to the valuation and such other criteria as the Expert may consider appropriate. Once the Expert has concluded its valuation in accordance with the previous paragraph it shall issue its certification in draft form to each of APB and AML each of which shall have 10 Business Days from the date of receipt of such draft certification to make written representations to the Expert (which representations shall be copied to the other) and either of APB and AML may, within such 10 day period, request a final meeting with the Expert at which representatives of each of APB and AML shall attend. The Expert shall issue its final determination to each of the Parties within 15 Business Days of the date upon which it issued its draft certification (if there is no request for written submissions or a meeting) or, if representations are made or a meeting is held, within 15 Business Days of the later of the date of receipt of such representations by the Expert and the date of such meeting. The Expert may, at its sole discretion, vary the process set out above, if it considers that so doing would facilitate the valuation.