08 April 2022
On Thursday 7 April, the Department for Levelling Up, Housing and Communities and the Department for Business, Energy and Industrial Strategy published the revised Commercial Rent Code of Practice.
On 24 March 2022, the Commercial Rent (Coronavirus) Act received Royal Assent.
To align with the passage of the Act, the Code has been updated to provide further guidance to commercial landlords and tenants. The Code sets out what the arbitration process looks like and how to apply it alongside the evidence that is considered and the principles on which arbitration awards are made.
Our CEO Andrew Goodacre comments: "The government has released details of the arbitration scheme to address rental debt accrued during the Covid-19 restrictions. There is good information here on how the process will work, a list of nominated arbitrators and the considerations for these arbitrators. Bira is also pushing for further clarity on the costs of arbitration which will vary between the various arbitrators."
In addition, the Code will continue to help resolve rent disputes by encouraging negotiation, even if disputes fall outside the scope of arbitration.
Read the full Code of Practise here
Guidance to arbitrators and approved arbitration bodies
List of approved Arbitration Bodies
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