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Affected business may terminate lease agreement ahead of schedule

Affected business may terminate lease agreement ahead of schedule
Photo: pixabay.com

Representatives of small and medium-sized businesses affected by the coronavirus will be able to terminate the contract for real estate lease ahead of schedule. Moreover, unilaterally. State Duma deputies in the third reading passed the bill.

Entrepreneurs from affected industries may demand a reduction in rental fees for up to one year if the contract is concluded before restrictive measures are announced. If the landlord does not meet, the business may terminate the lease.

The anti-crisis measure will be valid until October 1, 2020. Large retailers do not fall under the bill. Upon termination of the contract, tenants will not be able to demand the return of security payments.

May 29: current information on coronavirus in the Far East
Digest of regional events and latest statistics