Common use of Disposal of freehold and leasehold property Clause in Contracts

Disposal of freehold and leasehold property. Where surplus property, space or holdings have been identified, on receipt of an Order, the Supplier will provide an initial report with budget costs, valuations, forecast incomes, anticipated outcomes and timings which take into account market conditions and risks, together with a recommendation to achieve the most favourable outcome for the Customer. Customers should agree the budget with the Supplier; the Supplier should be incentivised by the Customer to achieve a saving against the agreed budget. Following agreement with the Customer, the Supplier will undertake and manage the marketing and disposal through to a satisfactory conclusion for the Customer and will provide a comprehensive final report to support a recommendation, including any need for claw back, with advice on amounts and mechanism. Rent reviews On receipt of an Order, the Supplier will provide an initial report covering all significant facts setting out actions, negotiating strategies and anticipated outcomes. Following agreement with the Customer, the Supplier will undertake and manage negotiations through to a satisfactory conclusion for the Customer and will provide a comprehensive final report to support a recommendation on a figure for settlement. In the event that a satisfactory settlement cannot be reached, the Supplier will advise on appropriate courses of action and maybe required to represent the Customer in any further proceedings. Lease breaks and lease expiries On receipt of an Order, the Supplier will provide comprehensive and timely advice for the Customer, as landlord or tenant, on the most appropriate course of action to be taken at an imminent break or expiry including, liaising with the Customer’s appointed legal advisors. This can include lease termination. Advice, including support preparing lease exemption request business cases to GPU, will take full account of the Customer’s best interest, the statutory position, the Customer’s estate strategy, business needs, and the condition of the building, dilapidation liabilities and the state of the market.