Presidential Nomination of an Expert
What is a Presidential Nomination of an Expert?
Presidential nomination of an expert is a process whereby the President of the Law Society of South Australia is requested to nominate an independent third party expert (such as a mediator, valuer or arbitrator) to assist the parties to an Agreement with a dispute.
How does it work?
If the parties to an Agreement (such as business asset sale agreements, partnership share valuations, Deed of settlements etc) cannot agree upon an expert to assist them with a dispute, they may request that a nomination be made by the President of the Law Society of South Australia where there is a dispute resolution clause in the Agreement that empowers the President to do so.
The parties are to provide the President with matter-specific details, including the names of the parties to the Agreement, and a copy of the dispute resolution clause of the Agreement. The President will assess the provided information and nominate an expert of their choosing. Once an expert has been nominated and it has been verified that no conflicts of interest exist, notifications regarding the appointment are dispatched to the parties to the Agreement and the expert, thereby concluding the Law Society's engagement in the process.
What is the process?
A party to the Agreement is required to request in writing that the President nominate an expert. This request should include:
- The names and contact details of the parties, along with their legal representatives (if applicable).
- A copy of the Agreement showing the dispute resolution clause.
- A brief outline of the dispute and confirmation that the parties themselves cannot reach an agreement as to an expert to be appointed.
The request should be made to president@lawsocietysa.asn.au.
Upon receiving the request, the following steps will be conducted:
- The President reviews the information provided and nominates a suitable expert.
- The Law Society ensures the expert has no conflicts of interest with the parties and there are no other reasons for which the appointment should not be made.
- The parties are formally advised of the nomination and the nomination is formally confirmed with the. This concludes the Law Society’s involvement.
How much does it cost?
The party initiating the nomination is obligated to submit a non-refundable administrative charge of $480.00 (plus GST). Should both parties agree to the nomination, they have the option to divide the administrative fee equally. Following this, the appointed expert sets their own fees and will come to an agreement as to payment with the parties involved.