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.