123 Duties of the arbitrator or third party

123 Duties of the arbitrator or third party

On any such reference the arbitrator or third party must consider whether (disregarding the rent payable for the holding) the terms referred to arbitration or determination are justifiable having regard to the circumstances of the holding and of the landlord and the tenant. If he determines that they are not so justifiable, he may vary them in such manner as appears to him reasonable and just between the landlord and the tenant1. Where it appears to the arbitrator or third party on any such reference that by reason of any