Valid break notice: Siemens Hearing Instruments v Friends Life
By Kate Barry
In Siemens Hearing Instruments Ltd v Friends Life Ltd, the High Court has held that a break notice that failed to comply with the express provisions of the break clause was nonetheless valid.
The key lesson for landlords is to ensure that if you intend to make non-compliance with the terms of a break clause fatal, you must say so.
For tenants, not a great deal changes in practice: follow break clauses to the letter, just in case. But, if something goes awry, the language of the clause may just be flexible enough to rescue the break…
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Careful drafting is usually required for restrictive covenants to be enforceable, although Prophet plc v Huggett provides the exception to the rule.
The Court of Appeal has overturned an earlier decision and ruled that the formal requirements of a break clause must be followed precisely in order to determine a lease.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
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