Commentary on Sections Part 6 - Provisions Applying Only to Periodic Standard Contracts Chapter 3 - Variation of Contracts Section 123 – Variation of rent and Section 124 – Variation of other consideration
310.Both of these sections are fundamental provisions, to be incorporated as fundamental terms of a periodic standard contract if either rent or other consideration is payable (though they can be left out or modified in accordance with section 20). Terms that incorporate these sections without modifications will set out how the terms of the contract as to rent or other consideration (which are terms relating to key matters) may be varied. The contract-holder under a periodic standard contract must be given two months’ notice of any change in the amount of rent or other consideration payable. The provisions allow for annual variation.