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An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
The South African law of lease is an area of the legal system in South Africa which describes the rules applicable to a contract of lease (or letting and hiring, Lat locatio conductio, Afrik huur en verhuring). [ 1 ]: 906 This is broadly defined as a synallagmatic contract between two parties, the lessor and the lessee, in terms of which one ...
Lease purchase agreement (click to view pages) Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, engagement rings, and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during ...
Estoppel certificate. An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and ...
Lease administration is a department that usually falls under an organization's real estate department. [1] Lease administration involves receiving rents from facilities they own and paying rent for the facilities they lease, and other activities. It has become an integral part of the accounting, administrative, and legal requirements normally ...
The word term was formerly restricted to a provision relating to time: that is, a dies or time clause. The word, however, is now in general use as referring to any term of performance. There is a distinction, then, between South African and English law, where terms and conditions are synonymous, and where they are used interchangeably.
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