Submissions definition
Examples of Submissions in a sentence
Each of Purchaser, on the one hand, and Sellers’ Representative, on the other hand, shall then have an opportunity to submit a written response to the other party’s Initial Submission (a “Written Response”), which Written Response shall be delivered to the Independent Accountant within ten (10) days after receipt by such party of such other party’s Initial Submissions (and which Written Responses the Independent Accountant shall promptly forward to Purchaser or Sellers’ Representative, as applicable).
The Independent Accountant shall act as an expert and not as an arbitrator to calculate, based solely on the Initial Submissions and the Written Responses of Purchaser, on the one hand, and Sellers’ Representative, on the other hand, and not by independent investigation, such Disputed Items, and its calculations must be made in accordance with this Agreement (including the Accounting Principles).
The Independent Accountant shall offer Purchaser, on the one hand, and Sellers’ Representative, on the other hand, the opportunity to provide a single written submission regarding their positions on such Disputed Items (the “Initial Submissions”), which Initial Submissions shall be provided to the Independent Accountant, if at all, no later than ten (10) days after the date on which the Independent Accountant is officially retained.
In resolving any disputed item, the Independent Accountant may not assign a value to any item greater than the greatest value for such item claimed by either party or less than the smallest value for such item claimed by either party in their Initial Submissions.