Sample Lease Contract for Commercial Space Philippines

Are you planning to lease a commercial space in the Philippines? If so, it`s important that you have a solid lease contract in place to protect your rights as a tenant and avoid any potential disputes down the road. Here`s a sample lease contract for commercial space in the Philippines.

1. Parties: This section should identify the parties involved in the lease agreement, including the tenant`s name and address and the landlord`s name and address.

2. Term: This section should specify the length of the lease, including the start and end date. It`s important to note whether there are any renewal options or termination clauses.

3. Rent and Deposit: This section should outline the monthly rent amount and any other fees or costs associated with the lease. It`s important to specify how the rent will be paid and when it is due. The lease should also state how much security deposit is required and how it will be returned at the end of the lease agreement.

4. Use and Compliance: This section should establish the permitted use of the commercial space and any restrictions on how it can be used. It should also identify any compliance requirements, such as obtaining permits or licenses, and who is responsible for ensuring compliance.

5. Maintenance and Repairs: This section should outline the respective responsibilities of the landlord and the tenant for maintaining and repairing the commercial space. It should specify who is responsible for repairs and maintenance of specific systems, such as HVAC, plumbing, and electrical.

6. Insurance: This section should detail the types of insurance required by each party, such as liability insurance and property insurance. It should indicate who is responsible for obtaining and paying for insurance.

7. Indemnification: This section should address how each party will indemnify the other in case of any legal claims or disputes arising from the lease agreement.

8. Termination and Default: This section should outline the grounds for termination of the lease agreement, including non-payment of rent, breach of any terms of the lease, or violation of any legal requirements. It should also specify the consequences of such a termination.

9. Governing Law and Dispute Resolution: This section should identify the governing law of the lease agreement and specify how any disputes will be resolved, such as through mediation or arbitration.

Conclusion:

A well-drafted lease contract is essential for any commercial tenant in the Philippines. It provides a clear understanding of the rights and obligations of both parties, establishes compliance requirements and ensures that both parties are legally protected. The sample lease contract presented above can be used as a guide or as a starting point for drafting a customized lease agreement that accommodates the needs of your specific business.