226Valuation principles

#### 226 Valuation principles 226 Valuation principles > > (1) In determining the valuation of any bus service assets in question in a valuation arbitration, the arbitrator must apply the following principles— > > > > > (a) the valuation of the asset must be determined by reference to the market value of the asset having regard to the following— > > > > > > > (i) the price that a willing, but not anxious, purchaser would be prepared to pay for the asset for use in the provision of a regular bus service, > > > > > > > (ii) the price that a willing, but not anxious, vendor would accept as payment for the asset, > > > > > (b) the asset’s value to the applicant as a going concern must be included in the valuation, > > > > > (c) the value of any intellectual property of the applicant (such as logos and trademarks) used in connection with the asset must not be included in the valuation. > > > > Note. > > > > The term bus service asset is defined in clause 39(1) of Schedule 3 to the Act to exclude any goodwill. Accordingly, an arbitrator in a valuation arbitration will not be able to take into account the value of any goodwill. > > > (2) This clause prevails over the provisions of section 22 of the Arbitration Act to the extent of any inconsistency.