Today's Tenant Rep Tuesday Tip topic: Annual Commercial Lease Reviews - Why Tenants Should Conduct a Yearly Commercial Lease Review
Every year companies do performance reviews, budgeting reviews, sales plans, etc, however, most companies never do an annual review of their commercial lease. As a tenant, the commercial lease is one of your biggest financial and contractual obligations and it should not be overlooked or forgotten. Depending on your specific lease, there are certain clauses that may have been pre-negotiated and if overlooked or any important dates are missed you could put your company in jeopardy.
After signing a commercial lease most tenants simply file away the contract and never look at them again. Then later on when something comes up they can never find the lease. Ideally, you want to store the lease in a secure file that will be easy to find later. And every year you want to do a thorough review of your commercial lease so you don't forget important dates, deadlines, terms, & conditions.
At the end of the day it's important that you have read your commercial lease contract and fully understand all the important dates, deadlines, terms, and conditions. Missing one or more of these could potentially disrupt your business. To be proactive, find your commercial lease each year and review it from top to bottom to make sure you have not missed any important details.
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