Importance of agreeing engagement terms, as well as identity, of experts
A good, if lengthy, note from Hogan Lovells on the recent Court of Appeal judgment in Cream Holdings v Davenport, which demonstrated the importance of having a clear mechanism not just for agreeing the appointment of an expert (for example, to conduct a share valuation) but also for agreeing the expert’s terms of engagement:
“Parties negotiating [expert appointment provisions] would…be wise to include express wording to require the parties to co-operate to do everything reasonably necessary to procure the appointment of the [expert] and that they will not unreasonably refuse to agree the terms of engagement.”
The Court of Appeal judgment is on Bailii here.
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