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Can an agreement be renewed automatically without consent of licensor
28-Mar-2023 (In Property Law)
My dad (licensor) had an agreement with (licensee) to permit them use of our land for 10 years. (Agrrement Signed on 30th March 2005) The Actual written TERM: TERM: This Agreement is for a period for Ten years commencing from 10/04/2015 with the sole and exclusive option to the licensee to renew the same for further 2 (Two) terms of 5 (Five) years each on the same terms and condition as herein contained. My question is : Can they automatically renew this agreement or they must have have a consensus with the licensor before renewing.
The answer will be no from the picture that you have given.
However it depends on the contact terms and other personal settlement if any.
I will be able to advice you only after looking through the contract.
Please feel free to contact the undersigned.
Regards
Pragya Wazir
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Adv. Pragya Wazir
Delhi | 100+ Answers
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Adv. Aseem Goswami
Lucknow | 100+ Answers
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