UK commercial property lease structures: Landlord and tenant mismatch

UK commercial property lease structures have come under considerable scrutiny during the past decade since the property crash of the early 1990s. In particular, tenants complained that the system was unfair and that it has blocked business change. Government is committed, through its 2001 election manifesto, to promote flexibility and choice in the commercial property lettings market and a new voluntary Commercial Leases Code of Practice was launched in April 2002. This paper investigates whether occupiers are being offered the leases they require or whether there is a mismatch between occupier requirements and actual leases in the market. It draws together the substantial data now available on the actual terms of leases in the UK and surveys of corporate occupiers' attitude to their occupation requirements. Although the data indicated that UK leases have become shorter and more diverse since 1990, this is still not sufficient to meet the current requirements of many corporate occupiers. It is clear that the inability to manage entry and exit strategies is a major concern to occupiers. Lease length is the primary concern of tenants and a number of respondents comment on the mismatch between lease length in the UK and business planning horizons. The right to break and other problems with alienation clauses also pose serious difficulties for occupiers, thus reinforcing the mismatch. Other issues include repairing and insuring clauses and the type of review clause. There are differences in opinion between types of occupier. In particular, international corporate occupiers are significantly more concerned about the length of lease and the incidence of break clauses than national occupiers and private-sector tenants are significantly more concerned about leasing in general than public-sector occupiers. Proposed solutions by tenants are predictable and include shorter leases, more frequent breaks and relaxation of restrictions concerning alienation and other clauses. A significant number specify that they would pay more for shorter leases and other improved terms. Short leases would make many of the other terms more acceptable and this is why they are the main concern of corporate occupiers. Overall, the evidence suggests that there continues to be a gap between occupiers' lease requirements and those currently offered by the market. There are underlying structural factors that act as an inertial force on landlords and inhibit the changes which occupiers appear to want. Nevertheless, the findings raise future research questions concerning whether UK lease structures are a constraining factor on UK competitiveness.

Developments in the Doha Round and WTO dispute settlement: some implications for EU agricultural policy

Progress in the Doha Round is assessed against the changes to the common agricultural policy (CAP) brought about by the Fischler reforms of 2003-2004, and that proposed for sugar. An elimination of export subsidies could place EU exports of processed foods at a competitive disadvantage because of high sugar and milk prices. Provided the single payment scheme falls within the green box, the likely new limits on domestic support should not be problematic for the post-Fischler CAP. However, an ambitious market access package could open up EU markets and bring pressure for further reform. If there is no Doha agreement, existing provisions will continue to apply, but without the protection of the Peace Clause; and increased litigation is likely. Further CAP reform is to be expected.

The EU's Export Refunds on Processed Foods: Legitimate in the WTO?

Export subsidies on processed foods are an important trade policy instrument for the European Union. GATT Article XVI legitimised the use of export subsidies on primary agricultural products, under certain circumstances, but forbade the use of export subsidies on non-primary products. However it was never satisfactorily resolved whether export subsidies could be paid on the primary agricultural products incorporated into processed products, such as pasta. The Uruguay Round Agreements, and particularly the Agreement on Agriculture (the URAA), apparently legitimised the EU’s practice of paying export subsidies on incorporated agricultural products, at least while the Peace Clause was in force. With the demise of the Peace Clause the question arises whether GATT Article XVI has any residual force, given that the range of primary agricultural products exempted by Article XVI from the ban on export subsidies is narrower than the list of agricultural products covered by the URAA.

Pricing short leases and break clauses using simulation methodology

This paper examines the changes in the length of commercial property leases over the last decade and presents an analysis of the consequent investment and occupational pricing implications for commercial property investmentsIt is argued that the pricing implications of a short lease to an investor are contingent upon the expected costs of the letting termination to the investor, the probability that the letting will be terminated and the volatility of rental values.The paper examines the key factors influencing these variables and presents a framework for incorporating their effects into pricing models.Approaches to their valuation derived from option pricing are critically assessed. It is argued that such models also tend to neglect the price effects of specific risk factors such as tenant circumstances and the terms of break clause. Specific risk factors have a significant bearing on the probability of letting termination and on the level of the resultant financial losses. The merits of a simulation methododology are examined for rental and capital valuations of short leases and properties with break clauses.It is concluded that in addition to the rigour of its internal logic, the success of any methodology is predicated upon the accuracy of the inputs.The lack of reliable data on patterns in, and incidence of, lease termination and the lack of reliable time series of historic property performance limit the efficacy of financial models.

Commentary on an example of a tenancy agreement for an agricultural holding

This paper sets out an example of a standard agricultural tenancy, being one creating a tenancy from year to year and consequently covered by the agricultural holdings legislation. A facing-page commentary gives a clause-by-clause analysis of the agreement, the implications of each provision being discussed in the light of the law of contract, agricultural holdings legislation and, where appropriate, subsequent caselaw.

Pausing patterns: differences between L2 learners and native speakers

This paper reports on a comparative study of pauses made by L2 learners and native speakers of English while narrating picture stories. The comparison is based on the number of pauses and total amount of silence in themiddle and at the end of clauses in the performance of 40 native speakers and 40 L2 learners of English. The results of the quantitative analyses suggest that, although the L2 learners generally pausemore repeatedly and have longer periods of silence than the native speakers, the distinctive feature of their pausing pattern is that they pause frequently in the middle of clauses rather than at the end. The qualitative analysis of the data suggests that some of the L2 learners’mid-clause pauses are associated with processes such as replacement, reformulation, and online planning. Formulaic sequences, however, contain very few pauses and therefore appear to facilitate the learners’ fluency.

Constraints on L2 learners’ processing of wh- dependencies: evidence from eye-movements

Using the eye movement monitoring technique, the present study examined whether wh-dependency formation is sensitive to island constraints in second language (L2) sentence comprehension, and whether the presence of an intervening relative clause island has any effects on learners’ ability to ultimately resolve long wh-dependencies. Participants included proficient learners of L2 English from typologically different language backgrounds (German, Chinese), as well as a group of native English-speaking controls. Our results indicate that both the learners and the native speakers were sensitive to relative clause islands during processing, irrespective of typological differences between the learners’ L1s, but that the learners had more difficulty than native speakers linking distant wh-fillers to their lexical subcategorizers during processing. We provide a unified processing-based account for our findings.

La adquisición de las cláusulas relativas en niños hispanohablantes: un proceso dependiente de múltiples factores

Diessel and Tomasello (2000, 2005) propose that relative clauses (RC) are acquired in a piecemeal-fashion in which children initially produce relatively simple RCs. According to their hypothesis, several factors are involved in the process of mastering these sentences: i) similarities between RCs and simpler constructions; ii) semantic and pragmatic factors; iii) children processing limitations; and iv) RC´s frequency of use in the input. We study the RCs produced by 44 Spanish speaking children, from 1;07 to 5;00 years old in order to validate Diessel and Tomasello´s hypothesis in the acquisition of Spanish RCs. Results show that i) the first RCs to appear have just one proposition; ii) first RCs do not interrupt the main clause, they are rather attached at the end of it; iii) the first RCs with two propositions are predominantly intransitives, with a relative pronoun in the subject syntactic role; iv) during first periods, factors such as semantic and syntactic processing, and memory seem to play a more determinant role than input and pragmatic factors. Input factor could be indeed involved in the acquisition of RC but in late periods, when children are older than 4;00 years old; and v) transitive RCs appear in late periods. Diessel and Tomasello´s hypothesis seem to explain our results.

Incremental processing in head-final child language: online comprehension of relative clauses in Turkish-speaking children and adults

The present study investigates the parsing of pre-nominal relative clauses (RCs) in children for the first time with a realtime methodology that reveals moment-to-moment processing patterns as the sentence unfolds. A self-paced listening experiment with Turkish-speaking children (aged 5–8) and adults showed that both groups display a sign of processing cost both in subject and object RCs at different points through the flow of the utterance when integrating the cues that are uninformative (i.e., ambiguous in function) and that are structurally and probabilistically unexpected. Both groups show a processing facilitation as soon as the morphosyntactic dependencies are completed and parse the unbounded dependencies rapidly using the morphosyntactic cues rather than waiting for the clause-final filler. These findings show that five-year-old children show similar patterns to adults in processing the morphosyntactic cues incrementally and in forming expectations about the rest of the utterance on the basis of the probabilistic model of their language.

On Arbitrary Selection Strategies for Basic Superposition

For first-order Horn clauses without equality, resolution is complete with an arbitrary selection of a single literal in each clause [dN 96]. Here we extend this result to the case of clauses with equality for superposition-based inference systems. Our result is a generalization of the result given in [BG 01]. We answer their question about the completeness of a superposition-based system for general clauses with an arbitrary selection strategy, provided there exists a refutation without applications of the factoring inference rule.

Stratified resolution

We introduce a calculus of stratified resolution, in which special attention is paid to clauses that "define" relations. If such clauses are discovered in the initial set of clauses, they are treated using the rule of definition unfolding, i.e. the rule that replaces defined relations by their definitions. Stratified resolution comes with a powerful notion of redundancy: a clause to which definition unfolding has been applied can be removed from the search space. To prove the completeness of stratified resolution with redundancies, we use a novel combination of Bachmair and Ganzingerâ??s model construction technique and a hierarchical construction of orderings and least fixpoints.

A Simplified Clausal Resolution Procedure for Propositional Linear-Time Temporal Logic

The clausal resolution method for propositional linear-time temporal logic is well known and provides the basis for a number of temporal provers. The method is based on an intuitive clausal form, called SNF, comprising three main clause types and a small number of resolution rules. In this paper, we show how the normal form can be radically simplified, and consequently, how a simplified clausal resolutioin method can be defined for this impoprtant variety of logics.

Wolves in sheeps' clothing: Creationist manipulation of Kansas science standards

So the question that animates this paper is this: what happens when a state's education policy seeks to make popular social and religious values a central part of its education standards in direct confrontation with the Establishment Clause of the First Amendment of the U.S. Constitution? I will try to answer that question in three ways. First, I will examine the tactics used in the manipulation of curricula to reflect social and religious values, with special focus on the Kansas case. Second, I will try to ascertain the determinants of success in these efforts; under what conditions are movements to impose creation science on public school curricula likely to succeed, and when to fail? Third, I will try to place these struggles over educational curricula, and between religion and science, in broader context, focusing on what they tell us about the nature of public policy making in the contemporary United States.

Uma chama na Amazônia: campesinato, consciência de classe e educação: o movimento sindical dos trabalhadores rurais de Santarém (PA), (1974-85)

O campesinato santareno (lavradores, pescadores, posseiros, colonos etc.) é extremamente diversificado, guindo-se três trajetórias: a) a do campesinato de beirario, oriundo do tempo do Brasil-colônia; b) a do campesinato do planalto, formado por nordestinos fugidos das secas e do latifúndio e por sobreviventes do auge da borracha; c) a do campesinato das estradas, que se origina na penetração da Amazônia em consequência do modelo capitalista dominante. Porém todos se identificam pela mesma ameaça de exclusão frente a este modelo que lhes atinge direta ou indiretamente. As condições econômico-sociais criadas pela história, a conjuntura e a ação de determinados agentes sociais - da Pastoral, educadores e lavradores - propiciaram, em meados dos anos 70, a eclosão de um movimento de trabalhadores rurais. Este movimento é visto num primeiro período (1974-78) como comunitário, de ação e perspectivas limitadas; num segundo período (1978-82) se define, predominantemente, como movimento voltado para a organização sindical dos trabalhadores rurais; no terceiro período analisado (1983-85),a organização sindical dos camponeses impõe a sua força relativa à "cidade política", presente na cidade de Santarém, na CUT e com uma ativa participação deles no PT. Em cada período, combinam-se de modo diferente três "graus" ou "momentos", constitutivos, segundo Gramsci, da consciência de classe: o "momento econômico-corporativo", o momento sindical e o momento político. Neste processo de interacão, concretizado nas suas lutas (por terra, saúde, estrada, melhores preços para a sua produção, contra a pesca predatória, etc.) e na sua organização, o campesinato santareno forja a sua identidade coletiva, sua consciência de classe. Esta história é vista, ao mesmo tempo, como "político-militar", em que um grupo social luta para manter e ampliar o seu espaço físico-social, e como pedagógica, em que o grupo se socializa e constrói uma nova visão do mundo, adquirindo/ forjando os instrumentes conceituais e operacionais necessários para sobreviver como classe em que seus componentes se impõem como cidadãos.

A economia da arbitragem: escolha racional e geração de valor

Este texto analisa a arbitragem e suas relações com a jurisdição a partir do conceito de custo de transação. Seu objetivo é mostrar como a arbitragem é capaz de reduzir os custos de transação de um determinado ambiente normativo e contribuir para aperfeiçoar as instituições. Os custos relacionados ao uso da arbitragem e da jurisdição funcionam como um preço: quanto maior o custo, menor a procura por eles (e viceversa). potencialmente, a arbitragem pode permitir a redução dos custos de transação em razão (a) da relativa agilidade com que é concluída, (b) da relativa imparcialidade do árbitro e (c) da especialização dos árbitros. Além disso, a utilização da arbitragem pode criar melhores incentivos para o adimplemento das obrigações contratuais. Isso porque a inclusão da cláusula arbitral em um contrato dá às partes a possibilidade de regular o ambiente normativo a que se submeterão em caso de disputas. a falta de clareza sobre a legalidade dos procedimentos arbitrais aumenta os custos de transação impostos pelo ambiente normativo. Quanto maior o grau de incerteza, tanto maiores serão os incentivos para que os indivíduos alterem seus padrões negociais ou simplesmente reduzam sua participação em atividades econômicas, reduzindo-se, conseqüentemente, o potencial de geração de riqueza para a sociedade.