6.1 Agreement of Lease.doc. (3 pages)?

(2 credits)

Buy More Credits

SKU: 601 Category:


Contains the basic standard terms found in most agreements of this type. Section 14 of the Consumer Protection Act deals with the expiry and renewal of fixed-term agreements. The Section does not refer to transactions between juristic persons regardless of their annual turnover or asset value. The Minister may by notice in the Gazette prescribe the maximum duration for fixed term consumer agreements or for specified categories of such agreements. A lease may not exceed 24 months unless agreed to by the parties. The tenant may cancel the lease at any time by giving the landlord 20 days written notice. A cancellation penalty may be imposed. The penalty must be reasonable taking into account all the circumstances. On the other hand, the landlord must notify the tenant of the expiry date and the notice must not be more than 80 nor less than 40 business days before expiry. The notice must include the material changes that would apply if the lease is renewed. On expiry of the lease it will continue on a month to month basis subject to any new terms in the notice.

The landlord may cancel the lease 20 business days after written notice to the tenant if there is a material failure, unless the tenant has rectified the failure within that time.

Pre-existing lease agreements will be subject to the above provisions if the parties to the agreement are bound for a fixed term which ends on or after 24 April 2013. If the landlord is a dealer in property then paragraph 11 must be amended by deleting the words ”7 days” and substituting therefore ’20 business days”.