Contract for Rent Expiration: Is Renewal Mandatory?
According to Article 472 of the Civil Code 2015:
The asset lease contract is an agreement between the parties, whereby the lessor hands over the asset to the lessee for use within a certain period, and the lessee must pay rent.
According to Article 474 of this Code:
The lease term shall be agreed upon by the parties; if there is no agreement, it shall be determined according to the purpose of the lease.
In cases where the parties do not agree on the lease term and the lease term cannot be determined according to the purpose of the lease, each party has the right to terminate the contract at any time, but must notify the other party within a reasonable period.
Therefore, if the contract has expired, you are not obliged to sign a new contract nor are you required to compensate.
Sincerely!
