You’ve been searching for an affordable and appropriate space from which to run your Georgia business, and you’re understandably excited when you find it. It may work for your budget, and it may be in the right location to allow you to better serve your customers, but there are reasons why you should slow down. Before you sign on the dotted line, you may want to give careful consideration to the terms of your agreement.
The terms of your commercial lease can affect you in more ways than you may realize. It is in the interests of your business to make sure that the right details are in there; otherwise, you may be risking the possibility of a problem in the future. Before you agree to anything, review the contract and determine if there is anything you may need to negotiate with the landlord.
What details are important?
Of course, the amount of the rent should be in your contract. But there is a lot more to the issue of rent than just the amount you will need to pay each month. Some of the specific rent-related terms you may need in your contract include:
- Whether the rent includes the cost of utilities
- Possible rent increases in the future and appropriate grounds for the landlord to do so
- Whether the rent amount includes the cost of insurance
In addition to rent, you will need to make sure the term of the lease is clear. Whether the lease will last for six months or for several years, this is an important detail. It may also be beneficial to include terms that will outline what happens if either party needs to break the lease for any reason.
Repairs or changes
It is possible that you will need to change the space you hope to lease, or you may have to repair various types of damage. The lease should clearly explain which party is responsible for existing needs and future adjustments to the space, if necessary. This will eliminate a complex dispute if there is a problem with the building in the future.
You can negotiate
It is possible and practical to negotiate the terms of a commercial lease. Before you agree to any terms, you would be wise to think about how you can make sure your lease will work for your company for years to come. Careful review of the contract presented to you can reveal what changes may be necessary.