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The Federal Government has announced a Code of Conduct for commercial landlords to apply when negotiating with tenants affected by COVID-19.
The objective of the Code is to assist in the management of cashflow for both the small business tenant and the landlord on a proportionate basis.
The Code applies to all tenancies (retail, office and industrial) suffering financial stress or hardship as a result of the COVID-19 pandemic. It is intended that landlords will agree to temporary arrangements for each tenant, taking into account their circumstances on a case-by-case basis.
The code stipulates that both parties should negotiate in good faith and act in an open, honest and transparent matter, providing sufficient and accurate information to the other to achieve an outcome which fairly balances the interests of tenants and landlords.
The code is mandatory:
Summary of the main points:
For further information, click here.
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