Tahilram v Trustees of Lukamber Trust and Another (845/2020) [2021] ZASCA 173 (9 December 2021)

Sale – price – to be fixed by third party’s valuation – subject to limited exceptions and in the absence of agreement to the contrary or waiver by the parties, whenever parties agree to refer a matter to a valuer, then so long as the valuer arrives at his or her decision honestly and in good faith, the decision is final and binding on them and they are bound by it once communicated to them – valuer is then functus officio insofar as the valuation and matters pertaining thereto are concerned – valuer is then not permitted to unilaterally withdraw or cancel the valuation in order to alter or amend it – only a court has the power to interfere with the valuer’s decision in review proceedings - judicial ambit of the court’s power to interfere is severely circumscribed