A commercial lease agreement is a document that puts forth the clauses of a lease agreement in clear legal terms, the lease being of some specific form that serves commercial purposes. The agreement should be framed in a way such that it is for the benefit of both parties – the lessor as well as the lessee.
The lessor in this type of an agreement is generally a company or business firm while the lessee may be any organization, a unit of the corporate sector or an individual even. The agreement should outline the specificities of the product or service offered as part of the commercial lease and the other related details in an understandable format.
The commercial lease agreement should contain those terms and conditions that comply with the laws of the State and have been approved by the government of the United States of America. It should also express in a clear and understandable manner the conditions under which the agreement may stand cancelled due to “breach of contract” and probable penalties should be mentioned beforehand.
A few things, which are very crucial in designing a commercial lease agreement, include:
A commercial lease agreement is thus an important legal document as it serves as a genuine and complete reference of all lease terms and conditions and all other related aspects to the lease.