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Expiration of 50% of contract term required to extend investment agreements
The Ministry of Municipalities and Housing has stipulated that a 50% portion of the original contract duration must have elapsed, or the project must be in one of the statutory extension periods, in order to extend large investment contracts. The regulations specify that the investor must be committed to payment, and that the project be in the operational phase. Extensions are permitted if there is a need for comprehensive development, renovations, the construction of additional buildings, or the addition of new activities, provided that a detailed feasibility study is submitted, demonstrating that the value of the improvements exceeds 20% of the current value of the buildings. The regulations state that the extension period should not exceed 15 years in various cases, with the total extension duration not surpassing 25 years in any case.
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