Contents
- 1. A price shall be considered verifiable where any of the fo…
- 2. Notwithstanding paragraph 1, a price shall not be consider…
- 3. The observation date of a verifiable price shall be identi…
- 4. For the purposes of this Article, a third-party vendor sha…1 change
- 5. A transaction or bid and offer quotations shall only be us…
- 6. For the purposes of paragraph 5, point (d), the independen…
- 7. Where a third-party vendor does not provide the institutio…
1.A price shall be considered verifiable where any of the following conditions are met:
(a)the price is obtained from a transaction to which the institution was one of the parties and which was entered into at arm’s length;
(b)the price is obtained from a transaction which was entered into by third parties at arm’s length and that meets all the conditions set out in paragraph 5;
(c)the price is obtained from actual bona fide competitive bid and offer quotations provided at arm’s length by the institution itself or by third parties, the values at which the institution or the third parties have committed to execute a transaction in accordance with trade custom and that meets all the conditions set out in paragraph 5.
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