Your Virginia business’s rent obligations are likely one of the largest monthly expenditures, aside from payroll. Yet the lease that imposes this financial anchor is often one of the most overlooked and under-negotiated contractual business obligations. Whether it is the excitement of starting a new business or the time-pressure to find a new location before the current lease expires (or before a competitor acquires the space), businesses do not take the time to properly review, consider, and counter a proposed lease.
Before entering into a long-term financial obligation–from which there may be no easy escape–it is worth your business’s time and relatively minimal investment to consult with an experienced attorney.
Virginia Business Lease Negotiation Considerations
- Triple Net Leases (NNN)
- Personal Guaranty
- Taxes, utilities, shared costs
- Insurance Requirements
- Choice of Law and Arbitration/Mediation Clauses
- Many other issues unique to your business and location
Consult Before Signing
Consult with a Virginia Business attorney before signing the lease and committing your business and its future to the financial obligation. If the landlord refuses to give you enough time to properly review the lease and its implications, then you likely do not want to do business with that landlord.
Once you sign the lease, then you are locked-in to whatever you signed–subject to limited exceptions–it is not something that can be put off to be negotiated after signing. Contact our office today for a consultation regarding your Virginia business lease.