As a business owner and tenant, a commercial lease will be one of your business’ most important contracts. It imposes legal and financial obligations on you over a period of years, and your landlord will be one of your most well secured creditors. If, in the future you ever wish to sell your business, a lease is also considered a core asset.
A lawyer can provide advice on your key obligations, potential pitfalls, and negotiate on your behalf when deciding to enter into a commercial lease. For example, a lawyer can advise you on the outgoings that your landlord is entitled to. In addition, they may also be able to negotiate the maintenance terms, signage restrictions or eviction clauses on your behalf.
It is generally considered a commercially wise decision to ask a lawyer to act on your behalf to review any proposed lease before you sign, rather than bring a tenancy problem to your lawyer after the lease is signed.
A lawyer can also assist with other aspects of setting up your business such as due diligence; business structures and trading terms and conditions.
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