Document ID: chunk:federal_register_of_legislation:C2005A00010:clause:1_15l
Version: federal_register_of_legislation:C2005A00010
Segment Type: clause
Provision Reference: sch 1 cl 15L
Character Range: 17538–18734

15L  Arbitration

 (1) Change to the consideration must be arbitrated as follows:
 (a) the supplier must apply to an arbitrator for the appointment of an assessor to determine an appropriate change to the consideration;
 (b) the arbitrator must appoint as an assessor a person whom the arbitrator is satisfied:
 (i) is suitably qualified to determine an appropriate change to the consideration; and
 (ii) is independent of both the supplier and the recipient;
 (c) in determining an appropriate change, the assessor must only take into account the impact of the New Tax System changes on the supplier's costs and expenses;
 (d) the assessor's determination of an appropriate change must be made within 28 days of the end of the offer period and:
 (i) be in writing, signed and dated by the assessor; or
 (ii) be in the form specified in the regulations.

 (2) The supplier must not apply under paragraph (1)(a) until after:
 (a) the end of the initial offer period; or
 (b) the recipient gives to the supplier a written rejection of the initial offer;
whichever happens earlier.

 (3) In this section:

New Tax System changes has the same meaning as in Part VB of the Trade Practices Act 1974.