You’ve come up with your business plan, and now you need a place for your business to blossom. Before making a commercial lease there are a number of things to keep in mind, and it is a good idea to get sound legal advice before finalizing a deal. Here are some tips to consider as you get started.
Be as clear as you can
Staying clear and detailed in your provisions can help ensure things go smoothly. In the beginning stages of negotiation, you may discuss many proposals.
When you move to finalize an agreement, however, make sure the terms are clear. For example, in a written lease agreement you may want to include an integration clause. The integration clause is significant because it signifies that the lease states the entirety of the parties’ agreement.
Without the integration clause, if there is a dispute, the court could make use of these early correspondences. If the other party filed a dispute, manipulation regarding the ambiguity of these initial communications could hurt your case.
Another of the many ways to avoid a dispute is to look into possible expenses. A next step includes coming up with fair estimates and detailing schedules of expenses. As the business owner renting space, you can investigate the right to audit expenses and calculations. With both sides understanding this information, trust can also grow.
Put your agreement in writing
Putting your agreement in writing is when your lease becomes formalized. Being specific with all aspects of your part of the agreement is a significant step towards assuring the validity of lease. Sometimes small parts of the agreement may not appear relevant enough to you at the time. You or the other party might not think certain pieces of information regarding the lease are important enough to mention. However, something you and the other party agreed to at one time and left open for later decision making could emerge into a major issue.
Ultimately, it’s good business to make sure you’re taking the right steps for your commercial lease. If you are unsure about how to proceed, a knowledgeable lawyer can guide you the rest of the way.