TURKS & CAICOS Law and Practice Contributed by: Oliver Chapman and Chris Smith, Griffiths and Partners
6.23 Remedies/Damages for Breach There are no such statutory or customary limita - tions on damages, and the usual principles will apply. Security deposits are common and are typically paid in cash at the start of the lease term. 7. Construction 7.1 Common Structures Used to Price Construction Projects There is no commonly accepted market stand - ard of contract and so parties are free to agree terms as they see fit, with the format and com - plexity of the contract often being driven by the sophistication of the parties and the type of pro - ject. Most larger construction contracts will, however, typically follow a US style (such as the American Institute of Architects), a UK style (such as the Join contracts tribunal), a combination of the two, or even the contractor’s (or developer’s) own standard terms. 7.2 Assigning Responsibility for the Design and Construction of a Project See 7.1 Common Structures Used to Price Construction Projects . 7.3 Management of Construction Risk See 7.1 Common Structures Used to Price Construction Projects . 7.4 Management of Schedule-Related Risk See 7.1 Common Structures Used to Price Construction Projects .
have a common seal, it is signed by an author - ised person. Leases are recorded on the register of title if they are for: • a specific period of two years or more; • for the life of the lessor or lessee; or • if a lease is for a term of less than two years but contains an option whereby a further term is granted, which would result in a total term exceeding two years. Leases that are for a period of less than two years or that are not compulsorily registrable but which are capable of being registered, can be registered if they are in a prescribed form, and stamp duty must still be paid even when the lease is not being registered. If the lease is a sublease, every lease superior to that sublease should be in the prescribed form and registered in priority to the sublease. For the registration of the lease on the register of title, there is a fee of USD25 and it is usually paid by the tenant. 6.21 Forced Eviction It is common for a lease to contain forfeiture clauses that allow the landlord to evict the ten - ant. However, the tenant has a statutory right to apply to the court for relief against forfeiture and so the timeframe for the forfeiture process can vary. 6.22 Termination by a Third Party The Turks and Caicos Islands government can compulsorily acquire any land, but this rarely occurs. Compensation is payable, typically at the market value of the interest acquired.
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