Hundreds of leases contain the right of a tenant that is not in default “to renew its lease (or to extend its term) on the same terms and conditions, except for any further right of renewal/extension and except for the basic annual minimum rent, which is to be agreed upon between the parties ' ” Should the parties fail to agree within a designated time limit, then “ the fair market rent for the Premises during the renewal/extension term is to be determined by arbitration by three arbitrators, with each side picking one arbitrator and the two arbitrators picking a third.”
In the Spotlight: How Many Arbitrators Does It Take to Settle a Lease Dispute?
Rather than the usual three, if both parties agree on a single experienced and qualified commercial arbitrator, they will cut down the costs substantially.
By
Harvey M. HaberThis premium content is locked for LawJournalNewsletters subscribers only
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