Port-au-Prince, February 6 (RHC-teleSUR), -- Haitian President Michel Martelly signed an agreement Saturday which includes plans to transfer authority over to a transitional government. 

Martelly, whose term ends on Feb. 7, signed the agreement in the presence of Haitian lawmakers. The plan stipulates that members of the country’s National Assembly will elect a new president “in coming days.” 

Under the terms of the agreement, political representatives will be allowed to submit their candidacy bid in front of members of the National assembly. 

After signing the pact, the leader of Haiti's lower house Choler Chancy expressed optimism regarding the proposal saying, “It was difficult to reach an agreement, but we need to give this country a government in order to avoid political chaos.” 

The text of the agreement is clear that constitutionally, according to article 134-3 the president can't extent his or her mandate, no matter what. It states that the assembly has no more than five days, after Martelly's term ends Sunday, to choose the interim president.

A bicameral commission will then define the process to go to national elections for a new president.

The country's electoral council will then organize the run-off election for Apr. 24, announcing final results on May 6, with the newly elected president swearing on May 14.