A recently published brief from Nabarro LLP, a prominent international law firm headquartered in London, offers yet another exemplary case for the value of a lease audit. The brief outlines a UK litigation case in which a landlord and tenant engaged in a dispute regarding service charge apportionment in the last year of a lease following the tenant’s notification to the landlord of intent to vacate. The dispute was centered on the differences between the landlord and tenant with respect to what each party believed was a reasonable apportionment of final service charges, in particular whether the tenant should be liable for charges that accrued a...

Abstract/Summary This is the first installment of The Art of the Audit Clause™ series which is a four part series dedicated to audit rights. This installment will explore the overall importance of such rights as well as some of the challenges inherent to ensuring portfolio audit rights are optimized. This entire series will also be compiled by RRG into its WhitepaperSeries™. Introduction Lease auditing has never been more relevant with continued, accelerated global adoption of the platform as a mechanism through which to truly enhance portfolio compliance. With heightened governance demands and cost control objectives, co...

The Art of the Audit Clause™ series is a four part series dedicated to audit rights. The series will explore the overall importance of such rights, general terminology, provision prominence and structure in order frame guidelines and standards ensuring portfolio audit rights are optimized. This entire series will also be compiled by RRG into its WhitepaperSeries™.