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As mentioned before, under Colombian law, all real estate rental contracts are automatically renewed every year if the current party renting the property does not express, in writing, intent not to renew the lease contract within the timeframe specified in the rental contract. The HR Department recommends that staff members be fully aware of the contract termination date of the apartment. In order to terminate a rental contract, either party (Landlord/Staff Member) must advise the other party, in writing, at least three (3) months prior to the renewal/termination date; otherwise, penalties will apply. IMPORTANT NOTE: These penalties will be charged to the staff/faculty member in the event of the lack of timely notice from the current rental party. The staff/faculty member will be fully responsible for the payment of these penalties. |