Useful Tips to Remember When Considering a Commercial Tenancy
Commercial tenancy is perhaps one of the most conflicting and overlapping areas of Canadian law. For a successful tenancy, you have to be organized and understand your Landlord’s contractual and common law duties. INCORPORATE YOUR BUSINESS BEFORE YOU ENTER INTO A COMMERCIAL TENANCY This will allow you to sign the lease contract as a business rather than as yourself. In case of any defaults, you will not be held personally liable for it. You get more legal protections as the director of a corporation than personally. It is also advised to add a clause dissolving your business partnership if an irreconcilable dispute arises among the tenant business partners EXERCISE BARGAINING POWER WHILE NEGOTIATING A COMMERCIAL TENANT LEASE When drafting the details of your lease, carefully itemize all the costs to be paid as part of the ‘RENT.’ Conflicts are bound to happen, and sometimes, as the affected party, you might rush to a court near you to file applications. Invoke a clause of compulsory