Agreement about rent based on turnover
34 Agreement about rent based on turnover
If—
a provision of a retail premises lease that the rent is to be determined either fully or partly by reference to the turnover of the business is void because of section 33; and
the lease makes no other provision for determining the rent—
the rent is to be as agreed in writing between the landlord and tenant.
If the landlord and tenant do not agree on an amount of rent within 30 days of the landlord giving the tenant a written notice specifying an amount, the amount of the rent is to be determined by a valuation carried out by a specialist retail valuer appointed by—
agreement between the landlord and tenant; or
S. 34(2)(b) amended by No. 16/2017 s. 36.
if there is no agreement, the Small Business Commission—
and the landlord and tenant are to pay the costs of the valuation in equal shares.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.