Lease agreement according to the Bulgarian legislation

Marieta M.

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Lease agreement according to the Bulgarian legislation

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Abstract

The rights of the Lessee can be protected if the agreement comes into force after the financing is provided. Since the parties desire the term of lease to be more than 3 years, the contract has to be signed by persons who are capable of activities of complex management. As it is presumed until proven otherwise that the property was accepted in a good state, the Lessee should examine the property before he accepts it. Since the usage of the storehouse usually goes with monthly bills for water, electricity and other supplies, certain warrants are required. The best way to protect Lessee's rights is these bills to be paid by the Lessor, and then, after the invoices are provided, the Lessee to clear them off.

Issues
Brief answers
Statement of facts
Discussion
1. Lease agreement
2. Bulgarian legislation
3. Usage of the property
4. Returning the property
5. Obligations and Contracts Act
6. The transfer of immovable property
7. Commercial law
Conclusion

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Extract

[...] According to the Obligations and Contracts Act, if after the expiration of the term of the lease the use of the property continues with the knowledge and without the objection of the lessor, the contract shall be deemed extended for an indefinite term. However, this is not the best solution for entities. Bulgarian civil legislation, which is based on the principle of freedom of contract, provides the parties the right no negotiate other terms and conditions Upon the expiration of the initial term (but not earlier than 90 days before it expires), the Lessee has the right and the option to renew the lease. [...]

[...] The agreement also has to be signed by persons who are capable of activities of complex management. In case this is the interest of the Lessee the parties may negotiate that nothing in the lease agreement shall not be considered or used to constitute either party as partner of the other party. As it is presumed until proven otherwise that the property was accepted in a good state, the Lessee should examine the property before he accepts it. The Lessee also must use the property strictly as defined in the contract, and pay the [...]

[...] If the Lessor fails to make these repairs, the Lessee may as well as claim them or a proportional reduction in the lease price, or may avoid the contract of Lease, as well claim damages in all cases. If the property perishes completely or partially Article 89 of the Obligations and Contracts Act ) contract shall be cancelled by operation of shall apply. The Lessee must use the property as specified in the contract, and also pay the lease and the expenses related to the use of the property. [...]

[...] According to the Bulgarian legislation, the contract of lease may not be signed for more than 10 years, and persons who are capable only of activities of simple management may not conclude contracts of lease for a period longer than three years. The best way the Lessee to be protected is the agreement to come into force after the financing is provided. Since the parties desire the term of lease to be more than 3 years, the contract has to be signed by persons who are capable of activities of complex management. [...]

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