This office lease form is a standard default remedy clause, providing for the collection of the difference between the rent due and owing under the lease and the rents collected in the event of mitigation.
Puerto Rico Default Remedy Clause
Category:
State:
Multi-State
Control #:
US-OL14031
Format:
Word;
PDF
Instant download
Description
How to fill out Default Remedy Clause?
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FAQ
Around $30 billion, or about 42% of Puerto Rico's outstanding debt, is owned by residents of Puerto Rico. They and local businesses are the parties that are most affected by the government cuts and the increased taxes that have been imposed to stabilize the island's finances.
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
? PUBLIC LAW 87 AUTHORIZATION TO RECRUIT AND TRANSPORT ? It is unlawful for any person, any organization, or the agent of a person or organization, to recruit or transport laborers for employment outside Puerto Rico without authorization by the labor secretary.
Puerto Rico does not have a local WARN statute, but the US federal WARN Act applies in Puerto Rico for mass layoffs, which may include pay in lieu of notice in certain situations.
The statutory severance formula for employees hired on or after January 26, 2017, regardless of years of service, changes to three months of salary plus two weeks for each completed year of service. The statutory severance is capped at nine months.
For employees who at termination of employment have between 5 and 15 years of service with the employer, the Act 80 amount equals 3 months' salary plus 2 weeks' salary per each full year of service.
Act 80 (the Unjust Dismissal Act) regulates employment termination of employees hired for an indefinite term. Puerto Rico is not an 'employment at will' jurisdiction.
Because Puerto Ricans are U.S. citizens, they have an advantage in competitive labor markets over foreign workers who require a visa in order to be employed in the U.S.A.
