32. Binding nature of third party determinations.

Where parties to a contract agree that something (whether price, value or otherwise) should be determined by an independent person acting as agent, whose determination is to be conclusive, in the absence of fraud, collusion, or manifest or material error1, they are bound by that determination because they have so agreed2. In itself it is irrelevant whether the determination gives reasons or not3. What matters is whether it is possible to say from all the evidence properly before the court what the expert has done and why4. And the question then is not whether he is mistaken in the

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