434. Variation of written agreement.

434.     Variation of written agreement.

Where there is a written tenancy agreement which effects substantial modifications to the model clauses1, the landlord2 or the tenant3 may refer the terms of the tenancy to arbitration or third party determination4.

It is a condition precedent that the party seeking to vary the terms has previously requested the other party to vary the terms in order to bring them into conformity with the model clauses and no agreement has been reached5. On such a reference the arbitrator, or third party, must consider whether, disregarding the rent, the terms are justifiable having