Farm Business Tenancy Agreement
If your business is centered in farming, then you must be guided by the Farm Business Tenancy Agreement. This is a very important aspect of your business because this will serve as the guidelines that must be followed in order for your business to be a success.
In this article, you will know the things that are stipulated in the Tenancy Agreement.
Before anything else, it is very important that you know what a tenancy agreement is. This is known as the qualifying condition to be met by the farmer for the coming of the tenancy within the Act’s scope. This Act also states that a part of the certain tenanted land should be farmed for business or trade purposes. This also requires that the certain tenancy is agricultural to begin with. The parties can already exchange their notices before the beginning of the tenancy but they need first to confirm their intention that the certain tenancy will still remain as a business tenancy all throughout the entire operation. The Tenancy Agreement will also serve as an important stipulation for allowing the tenants in branching out away from the scope of agriculture.
This Act does not really make it clear on how far the branching out will go. In most cases, everything will just be a matter of opinion regarding the continuous farming of the land. But nowadays, it is already becoming clear that business operations will not prohibit a tenancy to become a certain agricultural tenancy.
What is Stipulated in the Farm Business Tenancy Agreement
So what if the tenancy did not meet the criteria set by the Tenancy Agreement? Most of tenancies are governed and covered by the Landlord and Tenant Act 1954. The toughest difficulties will arise on the aspects that are not covered by the Act such as farm house, notice to quit and rent review. Each of these difficulties is also governed by terms of agreement in order for the tenancy to become clear to the farmers and the tenants as well.
In the notice to quit, there must be a written notice with regard to the agreed date of termination. The notice will play a very important role in this aspect because it will be the one to serve as the rule-giving document which will dictate the status of the tenancy. But if further conflicts between the concerned and involved parties will arise, the resolution to dispute would be the best option to settle everything out.
Another important aspect of the Tenancy Agreement is the rent and review which must be clearly and successfully negotiated by both the parties involved in the tenancy. They will also be the ones to select on how the reviews will soon take place. There is no specified duration set by Act so everything will exactly fall into place in the most flexible manner.
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