Document ID: chunk:federal_register_of_legislation:F2021L01354:body:0:p115
Version: federal_register_of_legislation:F2021L01354
Segment Type: other
Provision Reference: 
Character Range: 327095–329787

6(1)(b) (collectively "the review figures") shall be reviewed on the 5th anniversary of the commencement date and thereafter at 5 yearly intervals during the term of the lease (collectively "the review date") and shall be calculated by individually multiplying each of the review figures at the commencement of this lease (called "base period") by the fraction NI/B1.
    N1 refers to the Consumer Price Index for Darwin (all groups) published by the Australian Bureau of Statistics ("the Bureau") in respect of the quarter immediately preceding the particular review date and B 1 is the Consumer Price Index for Darwin (all groups) published by that Bureau in respect of the quarter immediately preceding the base period.

    2.   In the event that at any time during the term of this lease the Bureau shall up-date the reference base of that index, the required conversion shall be made to preserve the intended continuity of the calculations by making the appropriate arithmetical adjustment to make the up-dated index number correspond in reference base to the index number at the review date.

    3.   In the event that it is not possible to make an arithmetical adjustment as specified in sub-clause 7(2),
    or if there is a change in the basis of assessment of that index or its calculation has been suspended or discontinued, then in the event of the parties failing to agree upon a formula provided for in sub-clause 7(1) then the matter shall be referred for determination by the Australian Statistician to fix a formula for review of the review figures on the review date which will provide as nearly as practicable the same adjustments of their review figures as if the Consumer Price Index referred to in sub-clause 7(1) had been continued without variation and the determination shall be final and binding upon the parties.

    4.   Each rent review shall be made within 3 months prior to the review date.

    5.   The Lessor shall notify the Lessee in writing of its calculation of the increase in the review figures on the review date.
    6.   The review figures shall not be reduced in the event of a decrease in the index number since the previous review date.
    7.   If the Lessee fails or refuses to accept the Lessor's assessment of the review figures by notice in writing or the parties fail to agree upon the review figures at the review date within 30 days after service of notice thereof by the Lessor the review figures shall be determined by reference to arbitration and thereupon the provision of paragraphs 21(2)(a) to (d) shall apply mutatis mutandis.
    8.   The Lessee shall in the interim pay the rent including an amount equal to not less than half