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G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Insurance How Much Insurance Do I Need? For most people, the answer to this question is obtained when they first buy their home. At that time, a valuation is customarily done and the valuation report will state the sum recommended for insurance. If they are getting a mortgage loan, the Bank will usually insist that the house be insured for a sum not less than that stated in the valuation report.Unfortunately, thousands live in their home for several years and never change the amount of their house insurance. In a time of increasing costs, this can be very dangerous to a homeowner. It is like playing Russian roulette.Let’s examine a case where a homeowner Mr. I. N. Trouble buys a property for $600,000 at which time the cost to replace the building is $400,000. At that time, he buys insurance on the building for $400,000. After a period of 10 years, let us assume that his building will now cost $600,000 to replace. However, he has never increased his house insurance…and… DISASTER!…his house is fully destroyed. Mr. I.N. Trouble will be entitled to a cheque for $400,000. (the amount of his house insurance). However, to replace the house he had, it will cost him $600,000 and as a result, he will have lost $200,000. The worse is yet to come. In obtaining his mortgage loan, his house insurance was assigned to the Bank that carries his loan. The cheque from the insurance company will therefore go to the bank first, and only be released to him in some format, if and when he rebuilds his house. O.K. you say, but a house is rarely 100% destroyed. What if it is only 60% destroyed? Surely Mr. I. N. Trouble will get the full $360,000 (60% of the replacement cost of $600,000.) as his insurance is $400,000? The answer is NO. In this scenario, he will get $240,000. This represents 60% of what the house is actually insured for (which is $400,000.) and therefore, he will be short $120,000 i.e. $360,000 (the cost of repairs) – $240,000 (insurance proceeds). This clearly shows the danger of sitting back and not paying attention to your house insurance. For all of you who are guilty of not checking to see if your house insurance is sufficient, please contact a qualified expert. It may be a Quantity Surveyor, Engineer, Architect, Valuer or Contractor. Their fee will depend on the value of your home, and will generally be between 1/6 – 1/3 of 1% of its value (i.e. divide the value of the building by between 600-300). While it may appear costly at first, it is definitely worth it when compared to what you might lose. It is also important to select the insurance company very carefully. A major consideration is that the company is financially sound. In addition, it should have a good reputation for settling claims. While cost is a factor, it is not a good idea to select a company solely by the insurance premium. The sum you save now may not seem worth it when you are having difficulty in obtaining a settlement cheque for your loss. Finally, having a good insurance agent is also very advisable. You want an agent who is knowledgeable in insurance and has an interest in your needs. Do not procrastinate. The time to get professional advice is NOW. Contact a professional or G.A. Farrell & Associates Limited.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Buying A Home Buying A Home is one of the biggest investments/purchases most of us will ever make in our life. It normally involves borrowing a large sum of money which is to be paid back over 20-30 years – a significant part of our lifetime. Despite that, many buyers go into this exercise without knowing what to expect or what to look for. One of the most important aspects in buying a home is the cost/value. While no one will mind if they pay less than the home is worth, it is a different story to find that you have paid too much. Also, mortgage-lending institutions normally lend up to 90% of the value or cost of the home, whichever is the lower. For example, assume you are buying a home for $600,000 and hope to borrow $540,000. (You have made a $60,000 deposit from your own funds). If the valuer then determines the home that you are buying is worth only $540,000, the mortgage lending institution will only lend you $495,000 and you will have to find an extra $55,000 on your own or possibly lose the deposit you made on the house. There are two simple ways to avoid this happening to you. The easiest way is when you have finally decided what house you are going to buy, find out from your mortgage lending institution who are the valuers on their panel, then select one of them to value the house before you make a deposit. Another way is when making a deposit, specify that if the independent valuation report done by the Bank is less than the agreed purchase price, you have the option of canceling the contract and getting a full refund of your deposit. If you adopt this option, ensure that the deposit will be held in escrow with an attorney or other such professional to avoid problems if a refund becomes necessary. Another important factor to consider in purchasing a home is how much extra money you will need for closing costs. There are several costs involved in addition to the actual price of the house. Some of these include: Attorneys’ fees for the Deed of Conveyance which transfers the house to your name. It is based on the cost of the house and generally, it is 1.5% on the first $100,000; 0.75% on the next $400,000 and 0.5% on the balance. . (Shortcut if cost > $500,000 – Divide cost by 200 and add $2,000.)Don’t forget – add VAT @ 12.5% The Stamp Duty on the Deed of Conveyance. The first $850,000 of the purchase price is exempt. After that, it is 3% on the next $400,000; 5% on the succeeding $500,000 and 7.5% on the balance. The stamp duty is payable to the government and the rates stated here are for residential homes. (Shortcut if price > $1.750,000 – Calculate 7.5% of cost and subtract $94,250.) Attorneys’ fees for preparing the Deed of Mortgage. This is based on the amount of money you borrow and the rate is the same as in (1) above. This can be reduced by 50% if the same solicitor prepares both deeds and property not under RPA. Stamp Duty on the Deed of Mortgage. Again, this is based on the amount of money you borrow and is payable to the government. The amount varies depending on the type of property (residential, land, etc.), purchase or refinance, and if the amount borrowed is larger than the purchase price. In the case of a purchase of a residence, it is often $2.00 per $1,000 (0.2%) assuming mortgage is for more than $850,000. (If less, then there is no stamp duty). In other cases, it is $4.00 per $1,000 (0.4%). Valuation fees which are usually between 1/3 to 1/5 of 1% of the value of the property, plus VAT @ 12.5%. Mortgage Lending Institution Fee (Varies between 1/3 – 2% of the amount borrowed). Mortgage Indemnity Fee. The calculation of this depends on several circumstances. It can be either 1.5% of the loan amount or 18.5% (of which 6% is a government charge) of the amount on which the mortgage indemnity is taken. Let the loan officer advise you on this. Do not forget the house itself. There are many questions you have to ask yourself. What is the traffic like at rush hours (a.m. and p.m.)? Remember you will be in it for the next 20-25 years. Do all the plumbing fixtures work? If not, why not? Is the electrical wiring adequate for all you equipment? (e.g. fridge, stove, a/c, kettle, washer, dryer, etc.) Do you see any leak stains on the ceilings? If yes, it could mean that the roof needs repairs/replacing. Is there any evidence of termites? You may want to call an expert to determine this. As you can see, there is a lot to be aware of in buying a home. Do not “Buy in haste and Regret in leisure”. Given below are 2 examples of the approximate closing costs involved in buying a home which we hope will be helpful. The above costs/fees are estimates only and are likely to vary from case to case. The above information is believed to be correct as of the date of writing. Before you make any decisions however, you are advised to consult with a suitable professional such as an accountant, an attorney, a financial advisor, etc.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Our Services In an effort to better serve our clients, the firm has contracted the services of Mr. Clifford Murray (MRICS). Now, when clients are constructing a building, the firm is able to provide both the Quantity Surveyor’s Report as well as the Valuation Report that mortgage lending institutions customarily request. The firm’s valuation, quantity surveying and property consultancy services can be utilized for many important reasons including: Purchase: Buying A Home Mortgage/Refinance: Refinance For Profit Insurance: How Much House Insurance Do I Need? Construction Sale Stamp Duty Balance Sheet Statutory requirements Site identification and negotiation for purchaser acquisition Please contact us to find out how we may be of assistance to you. Contact Us

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Loan Calculator

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Closing Cost Estimates Rough Estimate on your Closing Costs for the following: Notes: Figures for Stamp Duty on Conveyance do NOT apply to First-Time Buyers Assumes purchase price is the same as the value of the property. No provision has been made for Mortgage Indemnity. Assumes different attorney used for conveyance and mortgage & NOT RPA The figures provided above should be used solely as a guide and is Private and Confidential and intended for your use only. G. A. Farrell & Associates Limited accepts No liability whatsoever if it is subsequently determined that the sum stated above is inaccurate Neither the whole nor any part of this estimate or any reference hereto may be included in any published document, circular or statement, or published in any way, without the express permission in writing from G. A. Farrell & Associates Limited.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Leave A Review Share your experience with us Full Name Phone Your email address Reference Number How would you rate your experience? Your Feedback Submit Thanks for sharing! We always strive to improve.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Methodology Appraisal Process In broad terms, valuation theory recognises three distinct methodologies (or approaches) in valuation. These are the market approach (sometimes known as the direct market comparison approach), the income approach, and the cost approach. Market Approach (a.k.a. Direct Market Comparison Approach) “An approach that provides an indication of value by comparing the subject asset with identical or similar assets for which price information is available”. The Market Approach measures the value of an asset by comparing recent sales or offerings of similar or substitute property and related market data. The similar transactions method uses valuation data based on historical transactions that have occurred in the subject asset’s direct or related industries. The derived data are then adjusted and applied to the appropriate operating data of the subject asset to arrive at an indication of value. This Approach is very popular in many assignments as it is reflective of the interplay of buyers and sellers in the open market. In order for this approach to be reliable however, it is necessary for there to be a significant number of sales of properties similar to the one for which the assignment is being carried out. The Income Approach “An approach that provides an indication of value by converting future cash flows to a single current capital value”. The Income Capitalization Approach is based on the principle that the value of a property is indicated by the net return to the property, or what is also known as the present worth of future benefits. The Income Capitalization Approach considers a property’s potential cash flow and analyses the present worth of the anticipated future benefits to the owner over an assumed holding period. The Income Approach is of considerable importance in appraising commercial properties. Most purchasers of this type of property are generally concerned primarily with an income stream, which is what this approach relies on. The disadvantage of this approach is that it is sometimes based on projections of the future. The Cost Approach “An approach that provides an indication of value using the economic principle that a buyer will pay no more for an asset than the cost to obtain an asset of equal utility, whether by purchase or construction”. The Cost Approach is based on the principle of substitution and is valuable in distinctive properties for which there are either very few or no sales of similar properties. Its drawbacks are that it does not sufficiently rely on market preferences, and in cases of older properties, the quantum of depreciation to be charged is not easily identified. This approach to value follows the following steps: Determine the value of the site as if vacant; Calculate the replacement cost new of the improvements; Estimate the depreciation form from all causes (physical, functional and external); Add the site value to the depreciated value of the improvements. As will be seen from the above, all three approaches vary in effectiveness for specific assignments. Although all three approaches may give reliable indications of value on occasions, frequently, one or two may be totally inappropriate. In arriving at an estimate of value of the subject property, all of the above approaches were considered and one or more of them utilized. Definitions Market Value : The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Market Rent: The estimated amount for which a property would be let on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Replacement Cost : The cost of obtaining an alternative asset of equivalent utility excluding retaining walls, boundary walls and fences, swimming pools and other water features, site clearance, professional fees and VAT. Contributory Value : The contribution made by a particular feature or component to the value of the whole property. Marketable Title : A title not subject to reasonable doubt or suspicion of invalidity in the mind of a reasonable, intelligent person; one which a prudent person guided by competent legal advice would be willing to accept and purchase at a market value. Highest and Best Use : The use of an asset that maximises its productivity and that is possible, legally permissible and financially feasible. IPMS 1: The Floor Area measured to the external extent of the External Walls and to any Notional Boundaries, External Floor Areas or Sheltered Areas. – International Property Measurement Standards: All Buildings dated 15 January 2023. This standard of measurement is similar to the former Gross External Area (GEA).

Gafarrell.com is the official website of actor Gareth Farrell, showcasing his work in film, TV, and theater. Explore his biography, video reels, and photo gallery, and stay updated on his latest projects and performances. Perfect for industry professionals looking to connect. Past Projects The Company is geared towards its continued development and looks towards the expansion of its services. This will ultimately benefit you, the Client. In this regard, and among other endeavours, the firm has committed to forming strategic alliances with leading international valuation firms.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Newsletters MARKET CONDITIONS SEPTEMBER 2025 MARKET CONDITIONS OCTOBER 2023 MARKET CONDITIONS JULY 2022 MARKET CONDITIONS JUNE 2021 MARKET CONDITIONS JULY 2020 MARKET CONDITIONS MAY 2019 MARKET CONDITIONS MARCH 2018 MARKET CONDITIONS MAY 2025 MARKET CONDITIONS MAY 2023 MARKET CONDITIONS MARCH 2022 MARKET CONDITIONS APRIL 2021 MARKET CONDITIONS MARCH 2020 MARKET CONDITIONS MARCH 2019 MARKET CONDITIONS APRIL 2024 MARKET CONDITIONS OCTOBER 2022 MARKET CONDITIONS NOVEMBER 2021 MARKET CONDITIONS JANUARY 2021 MARKET CONDITIONS SEPTEMBER 2019 MARKET CONDITIONS JANUARY 2019

G. A. Farrell & Associates Limited is a leading firm of Chartered Valuation Surveyors. G.A. FARRELL & Associates Ltd Welcome to G.A. Farrell & Associates, our website is currently under maintenance to improve your browsing experience. Please stay updated for when we are once again live. We apologize for any inconvenience caused and we can still be reached at our contacts below. contactus@gafarrell.com | (868) 624-8628 No. 23 Ariapita Avenue, Woodbrook, Port of Spain, Trinidad and Tobago © 2022 G.A. Farrell & Associates Ltd | All Rights Reserved | Designed & Developed by AppNerd Inc

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Make A Payment Make a payment for your valuation request. Type of Payment Choose an option Valuation in Name of Reference Number Amount to be paid Address of property to be valued Additional Comments Make Payment

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Conditions of Engagement 1. IDENTIFICATION AND STATUS OF THE VALUER: The firm, G.A. Farrell & Associates Limited is registered for regulation by RICS, #011832. Its registered valuers and authorised signatories are Derek de Gannes MRICS #0090434, Ryan Chin MRICS #1157370, Sunil Lalloo FRICS #6398772, David Bally FRICS #1235531, Leslie Sylvester MRICS #6615072, Gerald Lue Affat MRICS #1128320 and Damion Phagoo MRICS #5037559. Declaration of independence and objectivity: We will act as an independent external valuer and have the skills, understanding and current local knowledge of the particular market to undertake this valuation competently, objectively and without bias. We confirm that we have had no recent prior, present or possible future material involvement with the property and client, and we are not aware of any conflict of interest. 2. BASES OF VALUE: Market Value: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion; Market Rent (if applicable): The estimated amount for which a property would be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion; Equitable Value (if applicable): The estimated price for the transfer of an asset or liability between identified knowledgeable and willing parties that reflects the respective interests of those parties. 3. VALUATION DATE: This is the date on which the opinion of value applies which will be the date of the inspection. 4. INFORMATION / DOCUMENTS PROVIDED: Note: We assume documents and information provided and relied upon are true and correct. 5. INSURANCE RECOMMENDATION: We will include in a report for mortgage purposes and when required, a replacement cost as new of the building only as follows: the calculation of the cost to replace the building excluding retaining and boundary walls / fences, hard-standings, swimming pools and other water features, professional fees, site clearance and VAT; 6. ASSUMPTIONS: In the preparation of the report, it will be assumed that: A good and marketable title is available; Vacant possession is available unless otherwise stated in the report; Planning permissions and statutory requirements for the existing building and its use including any extensions or alterations have been granted; Statutory approvals have been or would be granted for the existing or highest and best use of the site; There are no deleterious or hazardous materials; There is no contamination; There are no unusual or onerous outgoings and restrictive covenants; There are no encumbrances or encroachments; All parts of the property which are covered, unexposed or inaccessible are in satisfactory repair and condition and an inspection of those parts which have not been inspected, or a survey inspection carried out, would not reveal material defects or cause the valuer to alter the valuation materially; There are rights to use the roads, drains and all communal areas and facilities; No account has been taken of any additional bid by a prospective purchaser with a special interest; All information, data, title documents and plans provided by the client and mortgage applicant which were relied upon by the valuer are true and correct; There are no outstanding taxes, rates or charges associated with the property; The services and any associated controls or software are in working order or free from defect; The building and other improvements are structurally sound; Where the property is part of a building and/or development (e.g. industrial condominium): There is a properly formed and operated management company; The cost of repairs and maintenance to the building and grounds are shared equitably; The leases of all the properties in the building/development are materially the same and there are suitable, enforceable covenants between leaseholders; There are no substantial defects, or other matters requiring expenditure (in excess of the current amount or assumed amount of service charge payable on an annual basis), expected to result in charges to the leaseholder and; Where the subject property forms part of a mixed development, there will be no significant changes in the existing pattern of use; Note: Some assumptions would not be applicable for replacement cost assessments. 7. SPECIAL ASSUMPTIONS: Where applicable, the proposed building or work would be completed in accordance with the plans and specifications supplied; and Planning permissions and statutory requirements have been, or will be granted for the proposed building or work; Note: Other applicable assumptions may be required and if so, would be agreed in writing prior to completion of the Report. 8. HIGHEST AND BEST USE: It is expressly agreed that in the absence of authoritative information and/or formal advice from any planning authority or related State body, the valuer will make an assumption as to the highest and best use of the property considering, but not limited to, the characteristics of the property including its current use and the character of the neighbourhood. If subsequent investigation by a suitably qualified professional reveals that such use is not allowed by the relevant authorities, the opinion of value could be significantly affected, and the valuer shall not be liable for any such difference. Should any planning permission document, status-of-land letter, completion certificate and/or an approved development plan be provided prior to the completion of this valuation assignment, it will be assumed that the information contained therein is true and correct and no further investigation will be conducted. It is strongly recommended that a suitably qualified professional verify that all relevant approvals have been or would be granted, wherever applicable. 9. CURRENCY: The opinion of the valuer will be expressed in Trinidad and Tobago Dollars (TT$); 10. EXTENT OF INVESTIGATIONS: A visual inspection of the parts of the property which is visible at the various floor levels will be carried out and not a structural survey therefore, covered, unexposed or in accessible parts will not be inspected and services will not be tested; A land survey will not be undertaken therefore we cannot determine the legal boundaries and size of the site; A soil survey into the type and stability of the soil and an investigation into whether or not the soil is contaminated will not be undertaken; The basis of the size of the building(s) will be in accordance with International Property Measurement Standards: All Buildings dated 15th January 2023; Covered and enclosed areas will be separated from covered and open sided areas. Measurements and statement of areas will be reviewed when the International Property Measurement Standards for all non-residential property has been published; and No investigation will be undertaken with the land registry, regional corporations, public utilities, town planning department or any other government body in preparation of this report; 11. RESTRICTION ON USE: The valuation report will be provided for your benefit alone and solely for the purposes of the instruction to which it relates. The valuation report, which will be prepared in accordance with these terms of engagement, is not a Court document and is not to be used in any Court proceedings. On acceptance of these terms of engagement, the parties have accepted that no representative of this firm will give testimony or appear in Court by reason of having prepared a valuation of the property; 12. RESTRICTIONS ON PUBLICATION: The whole or part of the report or any reference to it shall not be included in any published document, circular or statement, nor published in any way without the prior written approval form the valuation firm of the form and context in which it may appear; 13. THIRD PARTY LIABILITY: Our valuation may not be used or relied upon by any third party, even if that third party pays all or part of our fees, or is permitted to see a copy of our valuation report. If we do provide written consent to a third party relying on our valuation, any such party is deemed to have accepted the terms of our engagement. 14. CONFIDENTIALITY: The valuation report will be confidential to the client and it or any part thereof may not be disclosed or included in any published document or statement without our previous written permission. 15. EXCLUDED LOCALITIES: Valuation assignments will not be undertaken in dangerous areas. A dangerous area is defined as a crime hotspot and/or an area with a perceived above-average risk to life and limb; 16. DATA: Data derived from the valuation assignment will be used by the valuer in his professional work and shared on a confidential basis with other valuation professionals but not given to other parties. 17. COMPLIANCE: The valuation will be undertaken in accordance with RICS Valuation – Global Standards December 2024 (Effective from 31 January 2025). Compliance with these standards may be monitored under RICS' conduct and disciplinary regulations. 18. DESCRIPTION OF REPORT: The valuation report will conform with the requirements of IVS 106 Reporting; Standard residential properties for mortgage purposes will be completed using the ISTT's Standard Residential Mortgage Valuation Report; Non-standard residential/commercial/industrial properties will be consistent with our current customary format; The report will not contain sales and rent comparables; capitalisation rates; and the calculation of the value; 19. TERMS OF BUSINESS: Fees are due within 30 working days from the date that the client is notified of the completion of the report. Values will not be disclosed nor reports delivered until settlement of our fees. A full refund is only applicable where no work has been undertaken. In event of termination of our engagement prior to the completion of the valuation but after the execution of this Agreement the deposit or part thereof is forfeitable at the discretion of the firm as being reasonable compensation for work done as at that date; 20. DELIVERY: Upon receipt of all required documents and access, delivery of the final report will take approximately 10 working days (excluding weekends and public holidays). Depending on the property type and location, additional time may be required. 21. AMENDMENT: This Agreement may be amended only by an instrument in writing signed by duly authorised representatives of each of the parties; 22. INVALIDITY OF ANY PROVISION: If any of the provisions of this Agreement is or becomes invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. The parties shall nevertheless negotiate in good faith in order to agree the terms of a mutually satisfactory provision, achieving as nearly as possible, the same commercial effect, to be substituted for the provision so found to be void or unenforceable. 23. LIABILITY: Any liability on the part of the Company for breach of any provisions of this Agreement, giving rise to liability or forming any cause of action whatsoever shall be limited to the Client's actual direct, provable damages in an amount not to exceed the total amount paid to the Company in respect of Fees. The Client agrees that in no event will the Company be liable for damages in respect of incidental, punitive, exemplary, indirect, special or consequential damages, including but not limited to loss of business revenue, lost profits, failure to realise expected savings, or loss of business opportunity. The Client further agrees that in no event will the Company's directors, officers, or employees be liable for any damages arising out of or related to this Agreement. The Clients have confirmed that they have sought their own legal advice as regards this provision and they are satisfied that this provision is fair and reasonable. 24. SIGNIFICANT ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) FACTORS: Any significant ESG-related factors that may impact the valuation would be considered, in so far as they are reasonably identifiable and quantifiable. It should be noted that the valuation would not constitute an ESG risk assessment or ESG rating. 25. COMPLAINTS HANDLING PROCEDURE (CHP): The Complaint’s Review Period’ - In the event of a dispute arising out of or related to this Agreement the Client must complete and submit the Complaints Form, a copy of which would be provided upon request. Subsequently, a Director/Senior Valuer will respond to your complaint within 5-7 working days; If the issue is not resolved via the Complaints Review Period either of the parties to this Agreement shall submit the dispute to non-binding mediation using the services provided by the Trinidad & Tobago Dispute Resolution Centre (‘the DRC”) and shall make a good –faith effort to resolve the dispute through the mediation process in accordance with the rules of the DRC. Each party shall bear its own costs in respect of the mediation; In the event the parties are unable to resolve their dispute through mediation after 14 days from the reference to mediation or such further period as the parties may mutually agree in writing, such dispute shall be settled exclusively and finally by binding arbitrator to be jointly appointed by the parties; In the event either Party fails to agree to the appointment of an arbitrator such arbitrator shall be appointed, upon application by the interested party, by the DRC. The award of the arbitrator shall be final and shall not be subject to any appeal or challenge whatsoever. The arbitrator will not be required to file his award with anybody or authority whatsoever. In the event arbitration proceedings are initiated under this arbitrator clause, pending such proceedings and until a final award is rendered pursuant thereto, any subsequent controversy arising between the Parties shall be exclusively submitted for final decision by the arbitrator in the arbitrator proceedings already pending. The arbitration proceedings shall be conducted in accordance with the Arbitration Act Chapter 5:01 of the Laws of Trinidad and Tobago or any statutory modification thereof.