Yesterday we had the first King’s Speech in 70 years! 👑 While commercial property bills were scarce, with housing taking center stage, one Act that will affect commercial tenants is the upcoming changes to the Arbitration Act in 2024.
Many modern leases use arbitration to resolve disputes outside of court confidentially.
Here’s what you need to know:
🚪 Arbitration is commonly used for rent reviews, lease renewals, and service charges.
📜 The process involves stating agreed terms, then the arbitrator decides unagreed ones based on evidence submitted by both parties. Delays or unfair negotiation could mean you pay more costs.
🧾 A calderbank offer can bring the other party back to negotiate and protect you.
The new Act makes minor changes like amending challenges if the arbitrator lacked jurisdiction.With the new Act, arbitration should be even more efficient and fair.
Contact Olawill for strategic advice on settling disputes and guidance through arbitration.
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