Commercial Rental Agreement Manitoba

Commercial Rental Agreement in Manitoba: Important Points to Consider

If you`re planning to lease out your commercial property in Manitoba, or you`re interested in renting a commercial space for your business, it`s important to have a comprehensive and legally binding rental agreement in place. A commercial rental agreement is a document that outlines the rights and responsibilities of both the landlord and the tenant, and sets out the terms and conditions of the lease.

To ensure that your commercial rental agreement in Manitoba is effective and serves its purpose, here are some important points to consider:

1. Define the parties involved

The first and foremost point to consider while drafting a commercial rental agreement in Manitoba is to define the parties involved. This means that you need to clearly identify who the landlord and tenant are, their respective addresses, and the address of the commercial rental property. Also, ensure that the contact details of both parties are mentioned in the agreement.

2. Define the rent and payment terms

The rent and payment terms are the most essential clauses of a commercial rental agreement in Manitoba. You need to clearly mention the rent amount, the frequency of rent payment (monthly, quarterly, or annually), and the due date for rent payment. Ensure that you also mention the acceptable modes of payment, such as bank transfers, cheques, or cash.

3. Specify the terms of the lease

A commercial rental agreement in Manitoba should clearly specify the terms of the lease. This refers to the duration of the lease, which could be a fixed term or a month-to-month agreement. Also, mention the renewal options available to the tenant, if any.

4. Outline the permitted use of the property

The agreement should define the permitted use of the commercial rental property. You need to specify the type of business activities that are allowed to be carried out in the premises, as well as any restrictions on usage. This will ensure that the tenant uses the premises in accordance with the lease agreement.

5. Mention the maintenance and repair obligations

It`s important to mention the maintenance and repair obligations of both the landlord and tenant in a commercial rental agreement in Manitoba. The landlord is responsible for maintaining the premises, while the tenant is responsible for keeping it clean and tidy. Also, mention who will bear the cost of repairs, in case they are needed.

6. Include a termination clause

Lastly, it`s important to include a termination clause in the commercial rental agreement. This clause specifies the conditions under which either party can terminate the agreement. It may include situations such as non-payment of rent, breach of lease terms, or expiry of lease term.

In conclusion, a commercial rental agreement in Manitoba is a crucial document that protects the rights and interests of both the landlord and tenant. It`s important to ensure that the agreement is drafted carefully, and all important points are included. By considering the above-mentioned points, you can ensure that your commercial rental agreement is effective and serves its purpose.