What is Expert Determination?
Expert Determination is a procedure where an expert whose decision is final and binding resolves a dispute, usually of a technical nature. He is appointed under contract, either by a procedure set out in a previous legal agreement (the dispute resolution clause in a shareholder agreement, for example) or by agreement at the time of the dispute between the parties and the expert.
Hear what Chris has to say about Expert Determination!
It is not arbitration or litigation, so their rules and precedents need not be followed. The expert determiner must act under the terms of the contract with the parties in dispute, so the three or more of them can agree those terms to suit the situation.
Chris performs expert determinations “ED” by private appointment, and from the Institute of Chartered Accountants in England and Wales.