Common use of ADJUSTMENT CLAUSE Clause in Contracts

ADJUSTMENT CLAUSE. The amount of the base rent provided in Article 4 of the special conditions is linked to the consumer price index (health) as published monthly by the Ministry of Economic Affairs. On each anniversary date of the entry into effect of the lease contract, the rent will be proportionately adjusted automatically, based on the base index mentioned in Article 5 of the special conditions, according to this formula: ADAPTED RENT = BASE RENT X NEW INDEX BASE INDEX in which the new index is the one of the month preceding the anniversary of the effective date of the lease contract. Consequently, the modification of the index will automatically cause, without notice, a proportional adjustment of the rent, with the understanding that it will never fall below the last rent index ongoing on the adjustment date. It is expressly agreed that any waiver by Landlord of the increases resulting from this article may be established only by written recognition. As long as the provisions of Royal Decree of December 24, 1993 remain in force, both the base index and the new index will be replaced by the so-called “Health” index. If the calculation base of the official consumer price index is modified or the index is eliminated, the parties expressly agree that the amount of the rent will be the linked to the conversion rate published in the Moniteur Belge, or to any system replacing such index to serve as basis for the payment of State agents, but will never be lower than the last rent payable calculated according to the preceding method of the calculation of the index. In the absence of such a calculation system of the index for any reason whatsoever, Landlord will have the right to increase the rent in connection with the increase in the cost of living. The parties will do everything possible to agree on the use of a replacement formula. In the absence of agreement, the parties agree to submit any dispute concerning the replacement formula and the adjustment of the rent to arbitration as provided in Article 21 of these general conditions.