Lease Agreement
A lease agreement is a formal contract between property owner (lessor) and occupant (lessee) establishing the terms of rental and use. It specifies the rental amount, lease period, maintenance responsibilities, permitted uses, and notice periods for termination.
In commercial real estate (office, retail, industrial space), lease agreements typically include detailed provisions for:
- Rent indexation and increase mechanisms
- Allocation of operating costs and utilities
- Property condition and improvement obligations
- Handover procedures at commencement and exit
- Early termination clauses and penalties
The agreement serves as the legal framework protecting both parties' interests and governing all aspects of the tenancy relationship.
