Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p27
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 27/50)
Character Range: 136952–139816

to settle such dispute, question or difference.
    24.2 Submitting a dispute to arbitration
    In the event that such dispute, question or difference is not settled within fourteen (14) days from the date of service of the notice referred to in  Sub‑clause 24.1, either party may submit the dispute, question or difference to arbitration by serving a further notice on the other party stating that it requires that the dispute, question or difference be referred to arbitration and the giving of such further notice shall operate to refer such dispute, question or difference to arbitration. Such dispute, question or difference shall then be determined, subject to the provisions of this Agreement, by an arbitrator selected by agreement in writing by the parties within fourteen (14) days of the giving of the aforementioned further notice or, in the absence of such agreement, by an arbitrator appointed in accordance with the provisions of the law relating to arbitration in force in the State of Victoria.
    24.3 Arbitration relating to Franchise Payments
    For the purposes of a dispute, question or difference referred to in Sub‑clause 4.6, the time periods referred to in Sub‑clause 24.2 shall be seven (7) days and the arbitrator shall be appointed by the President of the Australian Institute of Chartered Accountants.
    24.4 Arbitration Relating To Benchmark Rate
    For the purposes of a dispute, question or difference as to the Benchmark Rate notified by the Commonwealth to the Bank pursuant to Sub‑clause 5.15.2 (f), the following provisions shall apply:
      (a) the Bank shall immediately serve on the Commonwealth a notice of such dispute, question or difference and the parties shall meet or confer within two (2) days of receipt of the notice in an attempt to settle such dispute, question or difference;
      (b) in the event that such dispute, question or difference is not settled within three (3) days from the date of service of the notice referred to in Sub‑clause 24.4 (a), the Bank may submit the dispute, question or difference to arbitration by serving a further notice on the Commonwealth stating that it requires the dispute, question or difference to be referred to arbitration and the giving of such further notice shall operate to refer such dispute, question or difference to arbitration; and
      (c) such dispute, question or difference shall then be determined, subject to the provisions of this Agreement, by an arbitrator appointed by the President of the Australian Institute of Chartered Accountants being an arbitrator who has agreed in writing before his appointment to make a determination within twenty‑one (21) days of the date referred to in Sub‑clause 5.15.2 (a).
    24.5 Provisions relating to all arbitrations
         The following provisions shall apply to all arbitrations:
      (a) a reference