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What is Commercial Lease Agreement Terms and Conditions?

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A commercial lease agreement in India is a legally binding contract between a landlord and a tenant for the rental of commercial property. This agreement describes the terms and circumstances under which the tenant may occupy and utilise the space. To secure commercial spaces and provide stability for both sides, long-term commercial leasing agreements are frequently utilised in India. Read on to get terms and commercial lease conditions.

Commercial Lease Terms and Conditions

Here are some key terms and conditions typically included:

  • Specify the length of the lease, often ranging from 3 to 9 years, with options for renewal.

  • The agreed-upon monthly or annual rent, including any escalation clauses for rent increases.

  • An upfront payment held by the landlord to cover potential damages or unpaid rent.

  • Clearly defines the responsibilities of both parties for maintaining and repairing the property.

  • Specify the permitted use of the property (e.g., office space, retail store) and any restrictions.

  • Outlines the conditions under which the lease can be terminated early, including notice periods and penalties.

  • Requirements for tenant's insurance coverage, such as liability insurance.

  • Conditions under which the tenant can sublet the property, if allowed.

  • Procedures for resolving disputes, including mediation or arbitration.

  • Terms regarding any improvements or modifications to the property and who will bear the costs.

I hope you understand the commercial lease agreement terms and conditions.

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