Where a lease provides for independent expert determination, an appointed expert determines the rent in accordance with the lease and applicable procedure.
The expert’s role
An independent expert acts as an expert rather than as an arbitrator. The precise procedure and extent to which the expert may use their own knowledge depends on the appointment and applicable terms.
Submissions and evidence
Parties commonly provide written submissions, comparable evidence and responses. A clear explanation of the lease valuation assumptions and evidence is important.
Costs
The lease, appointment terms and procedure should be checked for the treatment of the expert’s fees and parties’ costs.