If you are a dentist who owns a dental practice which in turn also owns the commercial building you operate in, then there may not be much point in you continuing to read, except, of course, if you plan on expanding your dental practice business without the need to purchase another building. For other dentists who currently leases or is thinking of leasing a commercial building to run a dental practice, then you should definitely continue reading.
The reason we say that is this article is going to explain some of the most important clauses in a commercial business premises lease, and they are terms you should be aware of. Whilst we always recommend that you hire a commercial lawyer to aid you through the process of leasing a commercial building, it will prove helpful if you understand some of the terms they are advising you on. We cover just seven of them, and they are simpler than you might imagine.
Commercial Lease Term #1 – Rent Payable
One of the most obvious clauses you would expect in a commercial lease is the amount of rent you have to pay to the landlord. Agreements might be made as to the payment frequency whether that be monthly, quarterly, or even annually whereby a discount might apply. This may also state if and when a review of rent payable will take place, and what any increase will be based upon, such as inflation rates.