Commercial leases are generally complex contracts which impose many obligations on the tenant.
Unlike Residential leases, there are no rent control provisions in the applicable commercial lease legislation. This provides the landlord with a wide discretion as to what he or she may charge for rent and what other terms are included in the lease.
Ensuring that a commercial lease is negotiated before signing it, can save both the landlord and tenant costs, later on, if a dispute arises.
As a tenant, you should retain a lawyer to review the terms of a commercial lease, in order to explain the obligations stipulated in the agreement, before signing. You as a tenant may also wish to negotiate certain terms of the lease to ensure you are protected and not agreeing to overly broad terms.
As a landlord, a lawyer can prepare a form of commercial lease to present to prospective tenants. As well as provide advice with respect to the remedies available to landlords in the event of a tenant defaulting under the lease.