When entering into agreements in business, it pays to have your agreement properly structured in writing, so that your interests are protected.
The importance of having a properly drawn up and signed agreement will really be demonstrated in situations such as:
- The other party having a change of mind after you thought you had an agreement
- One of the parties passing away,
- One of the parties suffering ill health
In those types of situations, the written agreement becomes all important.
Should the disagreement end up in Court, the written agreement may well be what the Court relies on to make a decision.
Examples of the types of business agreements that should always be properly documented are:
- Share farming agreements
- Farming Property leases
- Loans of any kind including loans to or from family members
If in doubt, contact us so that we can advise you and protect your interests.
Business premises leases
If you are the tenant, your right to occupy your premises may well be an important component in the value of your business, particularly if it depends on a particular location for it’s success.
Think for example of a great location in a shopping centre.
In those situations, it is your signed lease that ensures your right to occupy those premises for the period of the lease.
When buying a business, it is a critical part of the purchase process to ensure that the lease is properly structured an documented.
Equally, when your lease is coming up for renewal, you will want to be commencing negotiations with your landlord well ahead of the lease expiry to ensure that the new lease is in place prior to the old one expiring.
As a landlord, the quality of your property lease, will have a major bearing on the value a purchaser will place on your commercial premises.
The longer the lease term, the more certainly a purchaser has that they will have an ongoing tenant.
Just as for tenants, it is critical to ensure that you have a current lease in place and that negotiations are commenced well before lease expiry to ensure that you are not left in a weak position of having to negotiate with a tenant who now has an expired lease.
Wright Clarke Solicitors can help
We principally deal with business and commercial issues so we are dealing with these types of situations every day.
We have experience in getting the parties to the table to nut out agreements, that are fair to all, but ensure that your interests are protected.