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Nowadays, rent review clauses are designed to result in an agreement between the landlord and the tenant - especially in cases when they are unable to agree on a specific set of rules or requirements.
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Rent Review Expert Witness And Arbitration: How Does It Help?
Nowadays, rent review clauses are designed to result in an agreement between the landlord and the tenant - especially in cases when they are unable to agree on a specific set of rules or requirements. There are many different processes where this happens, some of them being new rent where an experienced surveyors are appointed to determine the specifics. However, the phase of rent review expert witness and arbitration begins when an expert arrives to the place and sees if the decision benefits both parties. The person appointed, in this case, must act either as an expert or an arbitrator. Below, we are listing both of the scenarios in detail.
Rent Review: Acting As An Expert (And What Does It Include) If the person is acting as an expert, he or she must exercise their own professional expertise and judgement to the rental level and rely upon the guidance of the professional body/institution. In this scenario, there is no legislation or title of law governing the appointment or conduct. What’s also important is that experts in rent review have no power to compel any disclosure of documents in the attendance of witnesses. On top of that, there is no right of appeal except in some, very limited circumstances.
Rent Review: Acting As An Arbitrator (And What It Includes) The second option in the process known as rent review expert witness and arbitration - is the one where the person acts as an arbitrator. Here, they cannot decide an issue other than evidence received from both the parties - and may not delegate any of the duties. However, they can point out to matters of which the parties may not be aware. Basically, an arbitrator is a legal entity regulated by an institution that must comply with certain requirements in the handling of the proceedings. There is a limited right of appeal and every irregularity goes to court.
Conclusion All in all, the cost of appointing an expert for rent review expert witness and arbitration is what helps people decide. However, it is important to see the specific provisions in every case and adapt to them in the proper way. Most of the times, expert appointment is more appropriate for lower value leases - and professional arbitration is a case that is typically more serious.
