Whenever two or more parties agree to enter an arrangement for the lease of a commercial property then this arrangement is termed as a commercial property lease agreement contract in legal terms. A commercial property lease agreement contract is a document which binds the parties together. These contracts are made between the owner of the commercial property (lessor) and the person who leases the property (lessee). The contract is made from the commencement date and the termination date, the period between which is known as effective period of contract.
The following are a few of the details which are given in a commercial property lease agreement:
- The details of the parties-names, address, contact numbers.
- The details of the rental payment-the monthly amount to be paid by the lessee to the lessor.
- Details of commercial property-address, size of property, usage and specifications.
- Terms and conditions-the details of the roles of the parties, their responsibilities, the consequences of breach, the consequences of late payment etc. The terms and conditions must also include the way the lessor expects the lessee to use the property and the condition in which the property is expected back after termination date.
Sample Commercial Property Lease Agreement Contract :