Do I need a contract?

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Do I need a contract?

I will be renting out the kitchen in a small business that I own. We have
verbally agreed to the cost per month but I think that maybe I should have a
signed agreement in place to avoid any surprises down the road. What type of
agreement should I use?

Asked on January 17, 2017 under Business Law, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

If the tenant will have sole access to the kitchen (i.e. you can't use it), use a commercial lease and just modify it to reflect the space he is renting. If you and he both have access, you don't use a lease (which gives sole or exclusive "possession") but a "license" which gives the tenant the defined rights or usage but does not prevent you from using it, too. You can Google either "commercial lease" or "commerical space license" and likely find examples or templates. Or you can draw it up from scratch, just clearly setting out what you are giving the tenant, what his obligations are, what he pays, and what are your rights. 
And yes: you should always have a written lease or license, to prevent disagreement over the terms later.


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