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The High Court has refused to grant a declaration that an independent expert appointed to determine a dispute was limited in the discretion to determining the correct calculation of an Earn-Out payment under a Share Purchase Agreement. The court emphasised the importance of respecting the parties' agreement to resolve disputes through expert determination rather than litigation. The original decision to refer the dispute to an expert accountant was upheld, with the court rejecting the application to pre-emptively dictate the expert's approach to the definition of "Gross Profit" and the application of accounting standards.
Earn-Out payment, Share Purchase Agreement (SPA), expert determination, alternative dispute resolution, Gross Profit definition, accounting standards, High Court, dispute resolution process, litigation costs, contractual interpretation, expert accountant, prohibitive costs, legal costs, dispute resolution agreement, final and binding decision.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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