When business owners share office space with other businesses, it is important to have an office share agreement and to have it writing.
An office sharing agreement is an agreement between the tenants of the office space. It should include the terms of the office sharing arrangements such as rent and duration.
Additionally, this agreement assumes that all tenants are the master tenants, making them joint and severally liable for one another, and that the landlord agreed to this arrangement. If the landlord does not allow all tenants to be the master tenant, then the office sharing agreement should include an additional provision to bind the non-master tenants to the commercial lease terms.
An office sharing agreement may be drafted any way you want. Especially in business situations, a personalized agreement may be important and may best meet your needs. Generally, an office sharing agreements should include:
- Who may use the space
- Future commercial sublease
- Duration of the sharing
- Rent owned and at what frequency
- Beginning and ending of the agreement
- What constitutes a breach
- What to do with common areas
- Who pays for what business expenses such as internet
Although you may attempt to draft an agreement without a real estate lawyer, you agreement may contain errors that cannot be corrected later and make you legally bound by it. A real estate lawyer is well versed in the law, and can draft a contract that best match your needs and concerns. Over all, a lawyer-drafted contract will save you the expense of future lawsuits.