If you`re looking to rent a property for your business, you may come across a “company let agreement.” This type of rental agreement is different from a standard residential lease and has specific provisions that cater to businesses.

What is a Company Let Agreement?

A company let agreement is a rental agreement between a landlord and a business entity – not an individual. This type of agreement is commonly used for short-term, furnished rentals that are leased to corporate tenants. Instead of a residential tenancy agreement, which is between a landlord and a tenant, a company let applies to the renting of commercial property for business purposes.

What`s included in a Company Let Agreement?

A company let agreement will typically include:

1. Duration of the lease

The duration of the lease will be stated in the agreement, and it`s usually shorter than a residential lease. The lease can be a few weeks, months, or years, depending on the needs of the business.

2. Rent

The rent amount is also specified in the agreement. The landlord may require the rent to be paid in advance, and there may be penalties for late payment.

3. Security Deposit

A security deposit is required to protect the landlord against any damages caused by the tenant during the tenancy. The amount of the security deposit is usually equivalent to two to three months` rent.

4. Maintenance and Repairs

The company let agreement will outline the responsibilities of both the landlord and the tenant regarding maintenance and repairs of the property. Usually, the landlord will be responsible for repairs to the structure and common areas, while the tenant is responsible for any damages caused to the premises.

5. Use of the Property

The agreement will state the permitted use of the property and whether there are any restrictions on this use. For example, the landlord may specify that the property can only be used for business purposes and not for residential purposes.

6. Termination Clause

The agreement will also include a termination clause that outlines the conditions under which the lease can be terminated by either party.

Conclusion

If you`re looking for a property to rent for your business, a company let agreement may be the right option for you. This type of agreement is designed to cater specifically to businesses and has provisions that are different from standard residential leases. As a business owner, you`ll need to carefully review the agreement to ensure that it meets all your needs and requirements.