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     Glossary of commercial property terms…
 
 
 
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'Flip Flop' arbitration
A form of arbitration under which the arbitrator bases his award on the submission he considers most reasonable. It is claimed that this encourages parties to be more reasonable in their submissions and reduces polarisation.

Forfeiture
Forfeiture of a lease occurs when the landlord exercises his right to regain possession against the wishes of the tenant, where there is a breach in a condition of the lease, or a breach of a covenant.

Freeholder
One holding an estate in "fee simple absolute in possession".

Full repairing and insuring (FRI) lease
An FRI lease requires the tenant to pay all running costs, eg maintenance, rates and insurance.
 
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