If there is an initial and overriding point to note about the American business world, it is this: it is complex and ever-changing.
Hardly anything remains static in the commercial realm, which makes it an imperative for both established business principals and commercial entrepreneurs to remain constantly proactive and creative as they seek to grow and prosper.
We spotlight the reality of an “often-challenging business environment” on our website at the established Northern Michigan commercial law firm of Molosky & Co. We routinely help diverse and valued clients seek optimal outcomes and promote their interests across a wide universe of varied business matters.
Today we highlight commercial leases, which spell relevant subject matter for legions of existing and prospective company owners.
Here’s a question: Are they markedly different from their residential counterparts?
We suspect most of our readers already know the answer to that query. Indeed, a commercial lease is a singular animal. Commercial leases are far more complex and variable than residential leases. Courts view contracting business parties as comparatively sophisticated players, allowing them substantial room to freely negotiate terms and conditions.
As a result, one lease might look altogether different from another. Matters that frequently draw close attention include lease term, price and renewal, property improvements/modifications, signage, understandings regarding property assignment and subletting, and many additional considerations.
The variability and complex nature of a commercial lease (for both lessors and lessees) renders it advisable for a negotiating party to secure timely professional help pursuant to contract execution. The above-linked lease article flatly underscores the need to “contact a qualified business attorney.”