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In most cases, it is the landlord that keeps the original rental agreement. The tenant can always ask for a copy from the landlord. Both the parties involved ie the tenant and the landlord can sign the photocopy of the rental agreement.
What is a Lock-in Period? Lock-in period is the period within which neither party can terminate the agreement. It can be separate for both parties or be the same. In a very layman term, lock-in simply means the parties are locked in with the same deal for the specified period.
Both the parties have agreed to set a lock-in period of months during which neither the licensor shall ask the licensee to vacate the premises, nor the licensee shall vacate the premises on his own during the lock-in period.
Lock in period or lock up period refers to that period for which investments cannot be sold or redeemed. Lock in periods are commonly used for hedge funds, IPOs of private equity, start-ups and few mutual funds. On the expiry of the lock in period, one must not withdraw the funds immediately.
Lock-in is Subset of Lease Term. NOTICE PERIOD is periods give landlords an opportunity to find a new tenant without losing rent for longer periods of time. Notice Period is generally 3 to 6 months and this period can be within lockin and exclusive of lockin period.
The lock in period meaning in rent agreement is the minimum tenure of lease. In simple words this means both the tenant and landlord have locked into the rental agreement for this period. During the lock-in period, both the parties cannot serve a notice to vacate the rented place.