Chartered Accountants ANZ says it is no longer providing independent expert nomination services to resolve contractual disputes - referred to as President Nominations.
In the past the New Zealand Institute of Chartered Accountants provided a small number of expert nominations, mainly in connection with share valuations.
The organisation has told the New Zealand Law Society that its cessation of the service may not be widely known.
It says there could be implications for contracts which contain dispute resolution clauses referring to appointment of an independent expert by the President of Chartered Accountants ANZ (or NZICA or its predecessors) in instances where the parties cannot agree upon an independent expert to resolve the dispute and/or provide valuation services.
Clauses naming Chartered Accountants ANZ
Chartered Accountants ANZ says clauses in contracts which name Chartered Accountants ANZ (or NZICA or its predecessors) in relation to the nomination of an independent expert may no longer operate as intended.
It says this may result in dispute clauses being unenforceable and leave disputing parties without an agreed approach to appoint an independent expert.
"Please ensure that refered to Chartered Accountants ANZ (NZICA or its predecessors) offering these services is removed from any commercial contract precedents you may be using."
Chartered Accountants ANZ says where it receives any request for President Nominations (nominations of experts) relating to contractual disputes, these will be directed to the New Zealand Law Society, New Zealand Dispute Resolution Centre, or the Resolution Institute.