500. Judicial review of valuation.

Where a valuer1 acts as an arbitrator in making a valuation2, an appeal from his valuation lies to the court3 on a point of law4.

Where a valuer acts as an independent expert in making a valuation5, the extent to which his valuation is subject to review by the court depends upon the construction of the agreement under which he is appointed to act6. If, on its true construction, that agreement expressly or by implication confers upon the valuer the exclusive remit to determine a question, and provides for the parties to be bound by his determination, then the valuation