Lock-in & Notice Period in the Leave & License (Rent) Agreement
A. Lock-in Period Clause – By including this clause one party will get compensation if the other party breaks the Agreement before completion of the Lock-in Period. This clause can be conditional for eg 1. Parties can mention exception like if the tenant makes any default in the rent or commit any illegal activity or break any other conditions of the agreement then this clause will not be applicable for the owner. eg.2. If the owner does not complete certain responsibilities as per the agreement then this clause will not be applicable for the tenant.
B. Notice Period Clause – The notice Period Clause contains the conditions by which the owner or tenant can give notice to each other regarding the cancellation of the agreement. Parties can mutually decide the duration of the notice period and it can be conditional.