32. Binding nature of third party determinations.

(5)     Third Party Determinations

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 error, they are bound by that determination because they have so agreed1. In itself it is irrelevant whether the determination gives reasons or not2. What matters is whether it is possible to say from all the evidence properly before the court what the expert has