Simplifying the Arbitration Process for Renewal or Extension Rent: Achieving a Simple, Effective and Cost-Efficient Process for Determining Rent
Barbara L. Grossman, August 15, 2012
In order for an option to renew or extend to be enforceable (as opposed to being a mere “agreement to agree”, which is unenforceable at law), there are two required elements: (1) a formula or reference standard to fix the new rent; and (2) procedural machinery to determine the new rent...