Examples of Neutral Arbiter in a sentence
The fees and expenses of the Neutral Arbiter shall be allocated to be paid by Buyer, on the one hand, and/or the Seller, on the other, based upon the percentage which the portion of the contested amount not awarded to each party bears to the amount actually contested by such party, as determined by the Neutral Arbiter.
The determination of the Neutral Arbiter shall be final, binding and conclusive.
Buyer and the Seller shall request that the Neutral Arbiter render a determination as to each unresolved Item of Dispute within thirty days after its retention, and the Parties shall cooperate fully with the Neutral Arbiter so as to enable it to make such determination as quickly and as accurately as practicable.
The Neutral Arbiter will determine the allocation of its costs and expenses based on the inverse of the percentage which its award (before such allocation) bears to the total amount of the total items in arbitration as originally submitted to it.
If Buyer and Sellers’ Representative are unable to reach such agreement during such period, they shall promptly thereafter cause the Neutral Arbiter promptly to review the disputed items or amounts for the purpose of calculating Closing Current Assets and Closing Current Liabilities in accordance with the provisions of this Agreement.
Any disputes regarding such revisions to the Allocation Schedule shall be resolved by the Neutral Arbiter.
If any Item of Dispute remains unresolved for a period of twenty days after Buyer’s receipt of the Dispute Notice, Buyer or the Seller may submit the Item of Dispute to the Neutral Arbiter.
Buyer and Seller agree to execute, if requested by the Neutral Arbiter, a customary engagement letter.
Accordingly, by way of example, should the items in arbitration total in amount to $1,000 and the Neutral Arbiter awards $600 in favor of the Sellers’ Representative’s position, 60% of the costs and expenses would be assessed against Buyer and 40% of the costs and expenses would be assessed against the Sellers.
The Seller and Buyer shall make available to the Neutral Arbiter (if applicable) such books, records and other information (including work papers) as the Neutral Arbiter may reasonably request in order to review the Closing Statement and the Dispute Notice.