A lease is a specialized contract and generally arises in one of two settings:
commercial or consumer.
Commercial leases are very flexible and may be drafted to suit the particular
needs of the parties involved. The keys to any commercial lease are the
negotiation and proper drafting of any lease agreement. Entering into
a bad lease can cause financial disaster for both parties. Our experience
has shown that people can have a difficult time negotiating for themselves.
At Owens and Perkins we strongly encourage our clients to utilize a commercial
real estate broker and/or attorney when contemplating entering into a
Commercial leases can also cover copiers, vehicles, phone systems and other
equipment particular to the type of business you are in and intangibles
such as intellectual property, patents, trademarks and business models.
Consumer leases, on the other hand, include things like house or apartment
rentals, automobile leasing, and rent-to-own contracts. In the case of
housing leases, the Residential Landlord and Tenant Act provides a general
framework for the lease agreement.
In both the commercial and consumer setting, disputes can arise from the
basic terms of the agreement (time or payment, for example) to unforeseen
events like natural disasters or foreclosure. The specific terms of the
lease typically govern how these disputes or events are resolved.
Having a properly drafted lease agreement is critical in both commercial
and consumer settings. Usually the lease is drafted by the party leasing
the space or equipment. Again, we strongly encourage our business and
individual clients to have their lease agreements reviewed by an Attorney
prior to signing. Understanding the terms of the lease before you enter
into the agreement is critical.
If you are interested in contacting Owens and Perkins regarding lease negotiations,
lease drafting or review or a Lease Dispute,