Your guide to Commercial Office Lease Terminology
Familarise yourself with the terminology within your office lease to help you understand what you're signing up for
As with any legal document, an office lease should be fully understood before you add the necessary signatures. Misunderstanding your commercial office lease could be costly for your business further down the line so it is essential that this legal agreement is completely clear with all parties from the outset.
Understanding the terminology required to lease commercial property can be daunting but with the help of a professional property solicitor and this quick guide to the main terms, you needn’t feel overwhelmed. As a business it is your responsibility to know what you are signing up for so that you can honour your side of the bargain. But conversely, you need to know that you are getting the best deal and insist that your contract reflects terms that are in the interests of your company. The key terms to be aware of are:
- Premises – This word determines the exact sum of the property and applicable land that you will be leasing. Ask your property solicitor to clarify with your landlord exactly what this encompasses, from car parking to kitchen facilities etc.
- Use Clause – Landlords issue a Use clause which denotes how the space can and can’t be used by the tenants. Check that the Landlord's interpretation of usage doesn't infringe upon your ability to adequately conduct your business.
- Exclusive Clause – The purpose of an exclusive clause is to limit other similar businesses from opening up nearby, which is particularly pertinent if you own a retail business and would like this included in your contract to protect your interests.
- Security – Question the provision of security for your premises and check what security is provided for your office property.
Find professional property solicitors in your region who will be able to check your commercial office lease in detail and ensure your commercial interests are protected. Read more advice on moving office.
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