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MEDICAL CLINIC PARTNERSHIP -- REPLACEMENT AND BOOK VALUE -- ARBITRATORS NOT EXCEEDING POWERS -- NO EVIDENT ERROR IN DESCRIPTION OF PROPERTY -- ATTORNEY'S FEES.

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  • Additional Information
    • Abstract:
      The article reports that award to doctor who withdrew from medical clinic partnership upheld over objection of clinic that arbitrators' interpretation of capital to include replacement as well as book value of clinic equipment was unreasonable and that they had ruled on matters not submitted to them. Award of $1,000 in attorney's fees was held proper. Upon appellee doctor's withdrawal from a medical clinic partnership, the parties submitted to arbitration a dispute over the amount of money he was to receive. The arbitrators awarded a sum based in part on their interpretation of the term capital to include not only book value but also replacement value of clinic equipment, which latter value had not been reflected in any of the accounting documents submitted.