Key Characteristics of a Commercial Lease Agreement

There are many significant characteristics of a commercial agreement that involves property. The commercial lease agreement is signed between the tenant and the owner of the property to secure the rights of both the parties. The key elements without which this agreement can be termed as incomplete and of no use for tenant as well as for the owner are numerous like address of the property, start and expiry date etc. and are very crucial for the parties involved to know about them. The first is the correct and absolute address of the property. This is very important so that there is no biased feeling and confusion against any of the party. The contract is for a limited period of time therefore the start and the expiry date of the contract should be clearly mentioned in the lease agreement.

Other than the above mentioned features of commercial agreement, the correct name and signature of all the property that are part of the agreement should be written on the agreement and there rights should also be mentioned as well. The amount of the rent and the amount if paid as advance should also be part of the agreement. The commercial lease agreement should also have the mode of payment mentioned in the agreement and the time interval for the payment of the rent must be given there too. The conditions for the usage of property and the specifications for the renewal of the contract must be clearly stated in the agreement as the tenant may want to continue the contract but owner may like to state some more conditions for further use of the property.