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Arbitration Act 2010
The President signed the Arbitration Act 2010 (the “Arbitration Act”) into law on 8 March 2010. Under the commencement provisions contained in the Arbitration Act, all of the provisions of the legislation will come into effect on 8 June 2010.
The Arbitration Act is intended to modernise and streamline existing arbitration law and to create a legal framework consistent with best practice in the international arbitration arena. The purpose of the legislation is to apply the United National Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration to all arbitrations which take place in Ireland. At present, UNCITRAL applies in relation to international commercial arbitration only.
Provisions on Rent Reviews
The provisions on rent reviews contained in section 132 of the Land and Conveyancing Law Reform Act 2009 (the “Act”) came into effect from 28 February 2010.
Section 132 of the Act applies to business leases and provides that a provision in a business lease granted after 28 February 2010 which provides for a review of the rent payable under the lease, is to be construed as providing that the rent payable following such a review may be fixed at an amount which is less than, greater than or the same as the amount of rent payable immediately prior to the date on which the rent falls to be reviewed. The section cannot be contracted out of and applies only to the part of a lease which is permitted to be used for business purposes.