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In this process, the parties agree in advance to accept the result of a jointly commissioned, neutral valuer as binding, without taking the dispute to court.
This approach generally saves considerable time and costs compared to a full court proceeding with a court-appointed valuer.
Judicial review of the arbitration appraisal remains possible only in narrow exceptional cases, such as obvious inaccuracy or gross inequity of the result.
An arbitration appraisal differs from a mere arbitral award of an arbitration tribunal in that it is limited exclusively to the expert determination of a value or set of facts, rather than a comprehensive legal decision.
Such agreements are often already included in advance in partnership agreements or estate settlement agreements, in order to ensure a swift, cost-effective procedure in the event of a dispute.