city competence
coastal calm
May 2019
Welcome to our May E-News!
In this issue, you can learn more about:
Exercise of option to renew a commercial lease - why it's important to get it right!
Failure to correctly exercise an option to renew in a lease can have costly and detrimental effects for both landlords and tenants. An option to renew in a lease is a tenant's right to require the landlord to grant a new lease, on the same terms (except for any changes to such terms as set out in the option - which is usually a review of the rent), at the end of the current term. However, the tenant must exercise the option to renew strictly in accordance with the lease terms if the option is to be valid.
Can company directors divert business opportunities?
A director’s position in a company is one of power and trust. As a consequence, a director has a duty to act in good faith and in the best interests of the company. A director’s obligations are regulated by statute under the Corporations Act 2001 (Cth) and by his or her fiduciary duties under the general law. Amongst these obligations is a duty to avoid conflicts of interest and the misuse of information or position.
What happens if your house is damaged before settlement?
You’ve checked out the neighbourhood, negotiated with agents and vendors, signed contracts and loan documents, organised the removalists and finally await the settlement date with great anticipation. With just a week to go before the big day your lawyer calls to advise you that last night’s big stormfront hit your dream home. This article explores the legal position of a purchaser and of a vendor when the subject of the sale is damaged after exchange of contracts but before settlement – and is relevant to both parties involved in a residential conveyancing transaction.
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USC acknowledging the best and brightest students
The University of the Sunshine Coast (USC) recently held its annual awards ceremony at the Innovation Centre, acknowledging the highest achieving students in the areas of Arts, Business and Law. Garland Waddington proudly sponsored awards for the best and brightest students in the subjects of Equity and Trusts and Property Law, in keeping with our deep and ongoing commitment to recognising and celebrating excellence in the community.