A franchisor's non-renewal clause requiring refusal on grounds 'honestly and reasonably held' that renewal would not be in the best interests of the franchisor and franchisees requires three things: formation of the relevant opinion, honest and reasonable grounds for that opinion, and those grounds being the substantial reason for refusal. Where a trial judge identifies flaws in expert valuation methodology in complex damages cases, the judge must identify the specific flaws and assess their significance rather than making a global finding that the methodology is 'open to criticism'.
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