Surveyors and lawyers involved in tenancy renewals under PACT
The Landlord and Tenant Act 1954 provides for the terms of a renewal lease to be determined by the courts. PACT is a procedure whereby the determination of all or some of the terms for a renewal lease are (with the consent of both parties) 'delegated' to an independent third party, who may act either as an arbitrator or as an independent expert. PACT is the acronym for 'Professional Arbitration on Court Terms', a generic term intended to convey the scope and nature of the procedure available. This 2nd edition refers to a business tenancy rather than a lease, although the terms are interchangeable.