Bellingen Chamber of Commerce President Libby Park recently partook in a webinar on commercial tenancies, hosted by the Business NSW legal firm, Australian Business Lawyers. Here she is sharing what she learnt with the local business community………
I have been receiving a number of requests from businesses for information to assist them with negotiations with their landlords for rent relief.
I attended an excellent webinar last week on the topic of commercial tenancies, hosted by the Business NSW legal firm, Australian Business Lawyers. Rather than attempting to interpret this complex legal issue, I thought it would be valuable to share the resources available through the links below.
The webinar presenters explained the 14 principles in the National Cabinet Mandatory Code of Conduct and what the new NSW Regulation covers. The Regulation implements some (but not all) of the principles in the Code; it was passed on 24 April 2020 and became effective on that date. Other states and territories are yet to follow suit.
The webinar recording is worth watching. The presenters explained how tenants and landlords should negotiate to find a solution that is agreeable to both parties, and that negotiations must be in good faith. Importantly, they explained exactly what is meant by the term ‘in good faith’.
Essentially in this case, ‘in good faith’ means that landlords must take consideration of a tenant’s financial circumstances – and a tenant must take consideration of the landlord’s financial circumstances. It is important to be open and honest in these negotiations, to look for a common purpose and to seek a solution with regard to the legitimate interests of the other party. The negotiated solution must suit both parties.
Australian Business lawyers webinar recording:
Australian Business Lawyers article:
National Cabinet Mandatory Code of Conduct: