Rent Assessment is typically necessary under retail and commercial leases
when there is a market review of rent provided for under the lease and the
lessor and tenant do not agree on the prevailing market rent. The selection
of the assessor, the methodology applied in determining rent and the costs
payable for the assessment are matters that be addressed by the lease
however for leases to which the Business Tenancies (Fair Dealings) Act
applies, if a lessor and tenant can not agree on the market rental, then the
rent is to be determined based on the matters specified under
s.29 of Business Tenancies (Fair Dealings) Act. The tenant’s goodwill and
the value of the tenant’s fixtures and fittings is not to be taken into account.
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