License Agreement
Heaven 2011
(Querist) 21 February 2009
This query is : Resolved
In a license agreement entered with the licensee there is a clause "it is hereby clarified and agreed that the present demise is for a term of 3 yrs during which period either party can terminate this agreement by giving 1 months notice.After the expiry of such license period, this agreement may be renewed at the option of the Licensor on the same terms and conditions for further two periods of three years each..."
Respected gentelmen, my query is if this agreement is renewed can i incorporate new clause containing new terms and conditions or can i amend or delete this existing clause? Can i have any theory back up for the concerned issue from Indian Contract Act?
Kindly advise.
With best regards,
Asish
ARVIND JAIN
(Expert) 21 February 2009
IT CAN BE "on the same terms and conditions for further two periods of three years each..." IF RENEWED. BETTER TO TERMINATE BY GIVING NOTICE AND SO WISHED EXECUTE FRESH DEED.
PALNITKAR V.V.
(Expert) 21 February 2009
The terms and conditions can be added, altered, deleted or amended if all the parties agree to it notwithstanding the condition of renewal on the same terms and conditions.
A. A. JOSE
(Expert) 21 February 2009
Absolutely right answer by learned Mr.Palnitkar and it is endorsed.
