25(1)Where under any provision of this Schedule any dispute or difference is to be determined in accordance with this paragraph, the dispute or difference shall be referred to and settled by an appropriately qualified and experienced person appointed by agreement between the parties or, in default of agreement, on the application of either party (after giving to the other not less than one week’s notice in writing) by or on behalf of the President of the Royal Institution of Chartered Surveyors.
(2)Any person appointed in accordance with the provisions of sub-paragraph (1) above shall not act as an arbitrator and his decision shall be final and binding on the parties but before reaching a decision he shall give to the parties such opportunity of making representations as they may reasonably require.
(3)All remuneration and expenses of any person appointed in accordance with the provisions of sub-paragraph (1) above shall be borne by the Development Corporation together with any costs incurred in respect of any such appointment by the Royal Institution of Chartered Surveyors.