499. Valuer as arbitrator or independent expert.

Where a valuer1 is appointed to settle a dispute between two parties, or to decide a matter on which they have opposing interests2, the valuer may or may not act as an arbitrator in reaching his decision3. Whether or not he is so acting affects his potential liability for negligence4 and also determines the extent to which his decision is binding upon the parties5. It is provided by statute that an arbitrator (unlike an ordinary valuer)6 is not liable for anything done or omitted in the discharge or purported discharge of his functions as arbitrator, unless the act or