All parties to the shareholders’ agreement have an interest in the value of the shares and how this value is to be calculated. Shares will need to be valued in specific circumstances. For example, the redemption price of shares can be set at the amount paid to the corporation plus any declared but unpaid dividends, or it can be set at the fair market value as of the redemption date. For companies that are not publicly traded, there is often no objective ‘market value’ available so the agreement must include a mechanism to determine the fair market value. Some methods include the annual valuation by the corporation’s auditor, or if there is no auditor, a good faith evaluation by the Board of Directors (often annually). Since valuations are often disputed, the agreement can contain a procedure whereby the valuation dispute is to be resolved. Key terms of this provision include which party will pay for an expert valuation, since expert valuations can be costly. The access of minority shareholders to a fair valuation at the corporation’s expense is an important mechanism for protecting the economic rights of the minority shareholders.