The lease period refers to the duration of a rental agreement.
The agreement could be valid for a fixed period of time, such as a year or on a month-to-month basis, or for an undetermined period. According to the Consumer Protection Act, the maximum duration of a lease agreement should be 24 months.
The agreement should also state the notice period required for the termination of the lease, as agreed by both parties.
Under the Act, the tenant or lessee may terminate the lease at any time after giving 20 working days’ notice. Should the tenant fail to comply materially with the agreement, the landlord or lessor must give 40 to 80 days’ notice.