Arbitration services for commercial leases and mortgages during COVID-19
Tender ID: 423645
Tender Details
Tender Description
Arbitration services for commercial leases and mortgages during COVID-19
Many commercial lease arrangements in New Zealand will have been affected by the response to COVID-19. Tenants may be unable to pay their rent as their business is not fully operating. Landlords may also be unable to meet their mortgage payments.
On June 4 2020, the Government announced temporary measures to be enacted to specifically support small New Zealand businesses through the effects of the COVID-19 pandemic. Parties to smaller-scale commercial leases will be required to negotiate the payment obligations to ensure a fair rent is agreed. Negotiations can be conducted in any way agreed by the parties, such as through mediation. Remaining disputes must be resolved through arbitration. The Government will subsidise streamlined arbitrations with up to $6,000 including GST per proceeding and up to $40 million in total. The Ministry of Justice website contains further information on the arbitration for commercial leases and mortgages.
I’m interested in delivering this service, when will I know more about this?
The Ministry of Justice is currently negotiating with suppliers to ensure arbitration services will be available from 1 July 2020. There will also be an open application process for other suppliers who are interested in this opportunity. More information on the application process will be published on the Ministry’s website soon.
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