To promote stability for all parties including Tenants, a Management Agreement runs continuously with no fixed end date.
If either party (Owner or Agent) decides to terminate the Agreement, it must be made in writing.
Certain notice periods apply with a termination, and these can depend on when the Agreement was initiated.
If the Agreement was signed on or after 1st December 2014, it will be on a current PO Form 6 (Property Occupations). The termination period in this case is 30 days. However, if both parties agree, the Agreement may be terminated any time within this period.
If the Agreement was signed before 1st December 2014, it will be a Form PAMD20a. This was governed by the Property and Motor Dealers Act which has since been superseded by the Property Occupations Act. All PAMD20a’s executed before 1st December 2014 remain valid, as do their termination conditions. The termination notice may be up 90 days, which can be shortened by mutual agreement to 30 days. However, the agreement MUST NOT be terminated any less than 30 days, even if both sides agree.