A new phenomenological decay law for the cosmological LAMBDA-term is proposed and its influence on the universe evolution is investigated. Unlike the standard FRW model are the possibility of nonsingular solutions, recollapsing open universes and an everexpanding closed model. Explicit analytic solutions are given for the flat case both for parametric and cosmological times. In this case, models with the present density parameter OMEGA0 smaller than 2/3 and age bigger than H-0(-1) can always be obtained. It is also shown that kinematic expressions as the luminosity distance and angular diameter versus redshift relation are significantly modified.