Common use of Selection of Independent Appraiser Clause in Contracts

Selection of Independent Appraiser. Within twenty (20) Business Days of Owner’s receipt of a notice provided under Section 12.2, Owner and User shall each propose an Independent Appraiser. If Owner and User do not agree upon the appointment of an Independent Appraiser within such twenty (20) Business Day period, then at the end of such twenty (20) Business Day period, two proposed Independent Appraisers shall, within five (5) Business Days of each Party’s notice, select a third Independent Appraiser (who may be one of the Independent Appraisers originally designated by the Parties or another Independent Appraiser) to perform the valuation and provide notice thereof to Owner and User. Such selection shall be final and binding on Owner and User.