Glossary – O

O’May Rules

Occupiers liability – liability of an occupier of land or premises to persons coming on the land. The occupier for this purpose is the person or persons who has control over the premises. At common law an occupier’s liability varies according to whether the person on the land entered under a contract, as an invitee, as a licensee, or as a trespasser.

Onerous Lease Provisions

Open Market Value – Open Market Rent or Value when applied in Rent Reviews is academic or hypothetical in concept and could be defined as: “the best rent a property might achieve if on the open market at the review date with vacant possession, using standard market methods, without extra incentives, given a willing landlord and tenant, and taking into account the lease terms.”

Overages – When future events trigger a legitimate clause allowing the landlord to collect future payments; it’s also known as a clawback.