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Rent Review - Hire An Expert Or Arbitrator?

To sum it up, the key takeaway from the process of rent review expert witness and arbitration is the lower cost of appointing an expert than the one of appointing an arbitrator. However, in either case the specific provisions of the particular lease must be observed.

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Rent Review - Hire An Expert Or Arbitrator?

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  1. Rent Review - Hire An Expert Or Arbitrator? rent review expert witness and arbitration

  2. Nowadays, rent review clauses in commercial leases provide that if a landlord and a tenant are unable to agree on a new rent for an independent person, they must be appointed to determine it. The decision of the surveyor in this case will be binding on both parties - and the lease must provide that the person appointed must act as an expert or an arbitrator.

  3. Acting As An Expert • If you decide to act as an expert, you must exercise your professional expertise and judgment and must rely upon the guidance of your professional body. After all, rent review expert witness and arbitration is a case where there is no legislation and little case law - which means that it fully relies on the professional body such as the Royal Institution of Chartered Surveyors. • Unlike arbitrators, experts do not need to compel disclosure of documents or attendance of witnesses. There is also no right of appeal except in some (limited) circumstances and experts are liable in damages for any losses caused by their own negligence.

  4. Acting As An Arbitrator • Another perspective in the process of rent review expert witness and arbitration is the one where you can act as an arbitrator. In cases like these, arbitrators cannot decide an issue other than one that the evidence received from the parties. They must be able to draw attention from it and assess everything in the right way. Also, the arbitrators may not delegate any of their duties and their assessment must lie between the figures put forward. • To sum it up, the key takeaway from the process of rent review expert witness and arbitration is the lower cost of appointing an expert than the one of appointing an arbitrator. However, in either case the specific provisions of the particular lease must be observed. So in the end, it is important to consider which is most appropriate for the particular property you are interested in - and get professional advice on the matter.

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