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Corporate Lease in India - Terms

  • corporate lease is a contract between the business and the landlord for determining the rental terms of a property. Most corporate houses are willing to rent their properties instead of purchasing them as it requires low capital investment. Compared to residential leases, the corporate lease agreements are more complex as the terms largely vary and are highly negotiable from one lease to another lease. Before signing a corporate lease, the parties need to understand the lease terms that define the responsibilities and rights of each party.

    Saliant corporate lease agreement terms

    Before signing an agreement, the client should ensure that the legal terms can align with the business's requirements. A slight failure to determine the business needs before signing a lease can pave the way for negative consequences. The corporate leases can often involve the following terms:

    Rent amount: The landlord has to estimate the amount of rent based on the rental space's square foot measurement. Also, the client has to determine the types of footage the landlord is considering to estimate the rent.

    Rent increase: Corporate lease agreements can provide an annual rent increase term based on percentage. It's important to negotiate beforehand with the landlord to decrease the percentage of the rent increase. As a result, it can help the client avoid high and unmanageable rent costs in the long term.

    Amount of security deposit: The lease has to verify the terms related to its return. Besides, it should mention the amount that will be required as a security deposit.

    Improvements: The lease should address the types of modifications or improvements that can be carried on to enhance the property's value. It should be mentioned which party will be held responsible for modifying the infrastructure.

    Details of the property: A lease has to define the property that's under the lease. For example, it should clarify whether the property includes parking lots, common areas or not.

     

    Source; https://www.robinspost.com/social/blogs/view/33673

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