sec.140Term of engagement of service contractor

### sec.140 Term of engagement of service contractor The term provided for in the engagement of a person as a service contractor, after allowing for any rights or options of extension or renewal, must not be longer than 10 years. The engagement of a service contractor begins on 1 January 2021 and is for a term of 5 years with a right of renewal of 5 years. The engagement can not end later than 31 December 2030. The body corporate may subsequently amend the engagement to include a right or option of extension or renewal (a subsequent right or option ) only if— the subsequent right or option is for not longer than 5 years; and the unexpired term of the engagement, from the day the resolution approving the subsequent right or option is passed by the body corporate, is not more than 10 years; and section 135 is complied with for the amendment. The term of the engagement of a service contractor is 10 years beginning on 1 January 2021. On 1 January 2026, the body corporate could amend the engagement to include a right of renewal of 5 years. If the unexpired term of the engagement purports to be longer than 10 years, it is taken to be 10 years. To remove any doubt, it is declared that at the end of the term— the engagement expires; and the person can not act again as a service contractor without a new engagement. (sec.140-ssec.1) The term provided for in the engagement of a person as a service contractor, after allowing for any rights or options of extension or renewal, must not be longer than 10 years. The engagement of a service contractor begins on 1 January 2021 and is for a term of 5 years with a right of renewal of 5 years. The engagement can not end later than 31 December 2030. (sec.140-ssec.2) The body corporate may subsequently amend the engagement to include a right or option of extension or renewal (a subsequent right or option ) only if— the subsequent right or option is for not longer than 5 years; and the unexpired term of the engagement, from the day the resolution approving the subsequent right or option is passed by the body corporate, is not more than 10 years; and section 135 is complied with for the amendment. The term of the engagement of a service contractor is 10 years beginning on 1 January 2021. On 1 January 2026, the body corporate could amend the engagement to include a right of renewal of 5 years. (sec.140-ssec.3) If the unexpired term of the engagement purports to be longer than 10 years, it is taken to be 10 years. (sec.140-ssec.4) To remove any doubt, it is declared that at the end of the term— the engagement expires; and the person can not act again as a service contractor without a new engagement. - (a) the subsequent right or option is for not longer than 5 years; and - (b) the unexpired term of the engagement, from the day the resolution approving the subsequent right or option is passed by the body corporate, is not more than 10 years; and - (c) section 135 is complied with for the amendment. - (a) the engagement expires; and - (b) the person can not act again as a service contractor without a new engagement.