Vague terms in a commercial real estate contract can lead to a variety of legal issues. For example, if a lease agreement states that the tenant is responsible for "reasonable maintenance" of the property, this could lead to disagreements about what constitutes "reasonable" maintenance.
Read MoreWHAT ARE CONTRACTUAL CONTINGENCIES IN A COMMERCIAL LEASE?
Contractual contingencies are essentially safety nets in a commercial lease agreement. They are specific conditions or events that must be satisfied by one party for the other party to be required to perform its obligations. If these conditions aren't met, as the tenant you may have the right to back out of the agreement without any adverse legal consequences. For instance, you might include a contingency that the lease term will only commence if you obtain a certain business license. If you fail to get the license, the contingency allows you to terminate the lease without penalty. In the context of getting your commercial lease deposit back, contractual contingencies are crucial. They can protect you from losing your deposit due to circumstances beyond your control.
Read More