Rolling contracts are offered in various forms, from mobile phone contracts to rental leases. Whether you’re a consumer or a business owner, it’s likely that you’ll have come across a rolling contract before. So, what exactly is a rolling contract, and how could one help you at work?
What is a rolling contract?
Cambridge Dictionary describes a rolling contract as “a contract that continues until someone decides to end it, rather than one that continues until a particular date”.
Unlike fixed-term contracts, which run until a specific end date, rolling contracts are typically for specified periods with no end-date. Rolling contracts are generally for a certain amount of time, such as 30-day, 6-month or 12-month contracts.
Once this time is up, the contract can be cancelled, re-negotiated or automatically renewed. For example, a 30-day rental lease would automatically renew after 30 days, or the landlord or renter can give the other a 30-day move-out notice. As Citizens Advice explains, a rolling tenancy is otherwise known as a ‘periodic tenancy’.
How can a rolling contract benefit you in the world of work?
Rolling contracts can be beneficial to business owners and workers alike. Compared to fixed-term contracts, rolling contracts are generally more flexible. An employee on a rolling contract will be contracted for a certain amount of time – and, at the end of their contract, their situation can then be assessed. Depending on the outcome, the employee and employer can end the contract, re-negotiate it or let it automatically renew.
The same applies for any kind of rolling contract, including rental leases. Rolling contracts can help a business to save money and allow for more flexibility, as the business is not tied down to a long-term fixed contract. If you rent a workspace and find it isn’t to your liking, a short-term rolling contract means you can easily cancel the contract with little notice and without having to stick with this particular workplace for the long term.
A good example of a rolling contract can be found when looking at flexible workplaces in London from BE Offices. These office contracts aren’t long-term leases, but rather are offered as one-month rolling contracts. This essentially means that the business owner can rent the workplace and if they find at the end of the month that the space isn’t right for them, the contract can be cancelled. If the owner decides the space is right for them, the contract will simply roll over to the next month, and so on. This is a good option for new business owners who don’t want to risk getting trapped into a fixed-term contract and losing money in that all-important start-up period.
Is a rolling contract the right option for you?
Whether a rolling contract is the right option will vary from business to business. But if you have only recently set up a new business, a rolling contract can definitely be beneficial.
As established, these agreements are generally a lot more flexible than fixed-term contracts and can often be cheaper, especially when a business is starting out. Ultimately, it’s important that you look closely at every option and decide what is best for you.
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