Hello,
I'm new to the forum and have a query regarding the Notice Terms on a Licence Agreement. Sorry for the long post, it's just that I'm in a bit of a tricky situation and would really appreciate any advice or thoughts.
I am the Licensor and have an agreement with a company regarding a residential property. The license states the Initial License Period is until a date (less than three months from now). We have not received any notice yet and have a feeling the Licensee is just going to leave on the last day of the Initial License Period. My query is that what is the legal obligation of Notice from the Licencee?
The agreement states about the License Period:
"The duration of the Licence shall be for the Inital License Period, unless terminated earlier in accordance with the provisions of Clause A and if the Licence has not been terminated by the expiry of the Initial Licence Period the Licence shall continue until terminated in accordance with the provisions of Clause B".
Clause A states:
"During the Inital Licence Period this Licence may be terminated by either party on at least six months written notice given to the other party". (there are other parts to this clause but is not relevant here as it relates to a breach of the Licence by the Licencee, which has not occured).
Clause B states:
"After the expiry of the Initial Licence Period this Licence may be terminated by either party on at least three months' notice given to the other party". (there are other parts, that aren't relevant here as for Clause A).
Thanks in advance for any help or thoughts
I'm new to the forum and have a query regarding the Notice Terms on a Licence Agreement. Sorry for the long post, it's just that I'm in a bit of a tricky situation and would really appreciate any advice or thoughts.
I am the Licensor and have an agreement with a company regarding a residential property. The license states the Initial License Period is until a date (less than three months from now). We have not received any notice yet and have a feeling the Licensee is just going to leave on the last day of the Initial License Period. My query is that what is the legal obligation of Notice from the Licencee?
The agreement states about the License Period:
"The duration of the Licence shall be for the Inital License Period, unless terminated earlier in accordance with the provisions of Clause A and if the Licence has not been terminated by the expiry of the Initial Licence Period the Licence shall continue until terminated in accordance with the provisions of Clause B".
Clause A states:
"During the Inital Licence Period this Licence may be terminated by either party on at least six months written notice given to the other party". (there are other parts to this clause but is not relevant here as it relates to a breach of the Licence by the Licencee, which has not occured).
Clause B states:
"After the expiry of the Initial Licence Period this Licence may be terminated by either party on at least three months' notice given to the other party". (there are other parts, that aren't relevant here as for Clause A).
Thanks in advance for any help or thoughts