When it comes to renting commercial space in India, a commercial rent agreement is essential. This agreement outlines the terms and conditions of the lease and helps protect both the tenant and landlord. But, what should be included in this agreement? Here is an example of a commercial rent agreement sample for India:
1. Parties involved: The agreement should clearly state the names and addresses of both the landlord and tenant.
2. Description of the property: Including the address and a brief description of the property being rented will help avoid confusion.
3. Rent and deposit: The agreement should state the monthly rent and the security deposit amount that the tenant is required to pay. It should also mention the due date of the rent payment and the consequences of late payment.
4. Lease term: The lease term should be specified, whether it is a fixed-term or a periodic lease. The document should also state the start and end dates of the lease.
5. Maintenance and repairs: The agreement should clearly indicate who is responsible for maintaining and repairing the property. It should also specify any limitations or exclusions.
6. Use of the property: The document should mention the permitted use of the property. It should also specify the restrictions, if any, on the tenant`s use of the property.
7. Termination: The agreement should include the terms and conditions for early termination of the lease, such as breach of contract by either party.
8. Renewal: If the lease can be renewed, the terms and conditions of the renewal should be mentioned in the agreement.
9. Governing law: The lease should specify which law governs the agreement and where any disputes arising from the contract will be resolved.
10. Signatures: The agreement should be signed by both the landlord and tenant.
In summary, a commercial rent agreement is essential when renting commercial space in India. The agreement should include all the necessary details and terms and conditions to protect the interests of both parties. It is always a good idea to consult an attorney experienced in property law to ensure that the commercial rent agreement meets all the legal requirements in India.