Where a contract provides a machinery provision for determining a price through a valuation process, the implied limitation that steps be taken within a reasonable time is not 'of the essence', so that failure to deliver a valuation within a reasonable time does not of itself extinguish the right to deliver it. A party concerned about delay may give notice making time essential. The Gollin v Karenlee implied term requiring notification of a valuer's identity before arranging a valuation does not preclude a second valuation from the same valuer where the identity is already known to the other party. Errors by a valuer in exercising judgment on matters requiring the application of assumptions that are not prescriptive do not invalidate a contractual valuation, particularly where the valuation is not determinative but merely a step in a process leading to mediation or arbitration.
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