32.— An owners’ management company shall not, after enactment of this Act, enter into a contract for the provision of a service or the purchase of goods—

(a) which is expressed to run for a period in excess of 3 years from the date the contract is entered into by the owners’ management company, or

(b) which provides for a penalty to be imposed on or damages to be paid by the owners’ management company if the contract is terminated by it after a period of 3 years from the date the contract is entered into by the owners’ management company.