Sunday, June 7th, 2020
A group of honourable business owners (Landlords) in Masaka have waived the rent obligations of its Tenants for the period of March and April, 2020 on account of the COVID -19 crisis.
The Landlords are reported to have waived the rent of up to 650 Tenants. A waiver in business and legal practice is an involuntary relinquishment of one’s privilege, right or benefit. It is an honest act made without any form of duress or undue influence.
During these times, such business decisions which are aimed at supporting the growth and sustainability of businesses is important to ensure that the economy is secured and businesses are able to continue operating.
From a legal perspective, such waivers are necessary in any kind of existing business Agreements such as loan agreements, employment contracts and other performance agreements, construction agreements amongst others.
In negotiating such agreements, the parties need to be cognizant of all the underlying issues and ought to seek legal advise to determine the most plausible minimum position for all parties involved.
Read the full article here: https://www.independent.co.ug/landlord-gives-tenants-two-months-rent-waiver-citing-covid-19-hardship/
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