Common use of New Rent Clause in Contracts

New Rent. 3.1 The New Rent may be agreed in writing at any time between the parties or (in the absence of agreement) will be determined by the Valuer. 3.2 The New Rent to be determined by the Valuer shall be such as he shall decide to be the rent which would reasonably be expected to become payable for the Premises after the expiry of a rent free period for fitting out purposes taking into account the rents obtainable at the New Term Start Date for premises of a similar size and with similar characteristics as the Premises in the Development or other similar developments in the PRC, and making the Assumptions but disregarding the Disregarded Matters. 3.3 The Valuer shall act as an expert and not as an arbitrator and his decision shall be conclusive and binding on the parties. 3.4 Party B must allow the Valuer access to the Premises to do anything which the Valuer considers necessary to carry out his function. 3.5 The costs and expenses of the Valuer including the cost of his appointment shall be borne by the parties in equal shares unless otherwise determined by the Valuer. 3.6 When the New Rent has been ascertained in accordance with this Schedule, Party A and Party B shall enter into a new lease on the terms set out in this Schedule and the parties shall bear their own costs of this.