Sunday, 22 December 2013

Market Traders Negotiate Compensation During Construction.

Shepherds Bush Market in the UK is a small market by QVM standards (only 138 stalls) but a recent agreement for compensation to traders during drainage and construction works has a much more important implication for markets worldwide.

Basically the agreement allows for a fund of £500,000 (A$915,000) to be set up to compensate businesses for losses incurred during construction works. There are some conditions –
1.     Works must take place over a minimum of 28 consecutive days.
2.     Businesses must have an annual turnover under £500,000.
3.     The alleged loss must exceed 2.5% of annual turnover.
4.     The business must have taken all reasonable measures to mitigate losses during the period.
There are also requirements for proof of loss including all accounting records and or taxation records.

Ideally any construction period involving a market would have minimal impact but measures like this may be necessary to ensure that everybody agrees what “minimal” really means.