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 Fair Trading (Code of Practice for Retail
Tenancies) Regulations apply, if a lessor and tenant can not agree on the
market rental, the rent is to be determined based on the matters in the
Code of Practice, particularly paragraph 13 (in Schedule 1).
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