Office Sharing Agreement In Corporate World

Many times finding and renting an office space can be big and costly affairs in cities, especially in metro cities. Office sharing arrangement can be a savior between a group of like-minded people who can come together to share an office space with a primary goal to save costs and make the best utilization of resources (space, workstations, etc.)

This arrangement allows to further sublet a spare space and other resources to others, which brings down the rental and other miscellaneous costs. So the agreement for such arrangements require to have the key clauses with rules for usage of utilities and all resources being sublet

Key points

Purpose of an office sharing agreement

1. To use shared office space and other resources among like-minded business or entrepreneur
2. To cut down rent, other maintenance cost and operating cost of small business enterprises and startups

What does an office sharing agreement cover?

1. Details of all members involved in the agreement
2. Contract terms including executable, term period, expiry and notice period
3. Explicit important clauses that cover sharing of all resources and utility bills
4. Clause for amicable resolution in case of dispute/disagreement
5. Rent sharing and mutual consensus for common space

Before executing the agreement

There may be a clause in the master lease agreement that might prevent you to further sublet so please check and always keep your landowner in the loop before executing the agreement.

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6 Mistakes to Avoid in Rental Agreements To-Let your Apartments Safe and Sound.

How often do gullible people get duped due to faulty contracts or due to those clauses written in words smaller than the size of ants?  

Buyers have to become smart as they cannot let themselves get swayed by fraudulent schemes and practices. However, legitimate sellers need to caution themselves to certain business ploys themselves. 

The golden rule to avoid yourself from being caught in this vicious trap is to prevent yourselves from getting involved in shady deals, which requires due diligence and meticulousness to peruse through every clause of that legally binding contract and get it double checked from your business advisor or lawyer. 

Consequently, the relationship between landlords and tenants, our society has culminated is of mutual understanding and trust and just like that, the house rental agreements get broken or bent by the will of the landlords or tenants, as and when they please. Ergo, it becomes the need of the hour to make house rental agreement contracts airtight, deprived of loopholes and their formats being standardized.

The following are the primary six mistakes which should be avoided in house rent agreement formats. 

• The format of a rental agreement must always mention the security deposit explicitly. Numerous tenants have been ruled against in cases related to errors in the figures of the safety deposit. 

• The names as mentioned in the contract must be true and hence should be supported by credentials as issued by the government, i.e. Aadhaar cards, Voter ids or Passports.

• An important clause of subletting often gets skipped while drawing up the rental agreement format. The landlords are often extorted as the tenants sublet their property, making profits off their apartments eventually. 

• In order to make the agreement ironclad, make sure the responsibility of repairs is implicitly stated. Whether it is the landlord or the tenant, a house rent agreement format must consist of everything. 

• Also, the terms for eviction have its own significance. Generally, the law states that the tenant cannot be evicted without two months’ prior notice. However, the contract if signed carelessly can state, otherwise. Therefore, it becomes prudent to have clear lines drawn beforehand. 

• Tenants can be a mess and can leave your apartment within two months or never leave at all. Therefore, one needs a consistent rental agreement format to rely upon. Clarify the number of months or years a tenant has to necessarily occupy the apartment, in advance and also the term for his eviction to make the process painlessly easy and law-abiding. 

Do not let yourselves be fooled by something as trivial as rental agreements. Make them ironclad as it will ensure that your tenant is understandable and adherent to the rules. A cordial relationship among the two parties can lead to absolutely zero fraud but make sure you never stop being cautious again. 

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