When it comes to renting commercial space in the Philippines, it`s important to have a clear and detailed contract in place to protect both the tenant and the landlord. A rental contract serves as a legally binding agreement that outlines the terms and conditions of the rental agreement, including the rental price, payment terms, security deposit, and other important details.
To help guide you on drafting a commercial space rental contract in the Philippines, here`s a sample contract to get you started.
Commercial Space Rental Contract Sample Philippines
This commercial space rental agreement (the “Agreement”) is made and entered into on [DATE] by and between [LANDLORD NAME], a [LEGAL ENTITY] with its principal office located at [ADDRESS] (the “Landlord”), and [TENANT NAME], with its principal office located at [ADDRESS] (the “Tenant”).
The Landlord agrees to lease to Tenant the commercial space located at [ADDRESS] (the “Premises”) for commercial use only.
The lease term shall be for [DURATION] months, commencing on [START DATE] and ending on [END DATE]. The Tenant shall vacate the Premises upon expiration of the lease term unless otherwise agreed upon in writing by both parties.
The monthly rent shall be [AMOUNT] payable in advance on the [DAY] day of each month. Rent payments shall be made to [PAYMENT METHOD]. All rent payments must be paid in full and on time.
4. Security Deposit
The Tenant shall pay a security deposit of [DEPOSIT AMOUNT] upon signing this Agreement. The security deposit shall be refundable at the end of the lease term, provided that Tenant has fulfilled all of its obligations under this Agreement.
5. Use of Premises
The Tenant shall use the Premises solely for commercial purposes and shall not use the Premises for any unlawful purpose. The Tenant shall not make any alterations or additions to the Premises without the Landlord`s written consent.
6. Maintenance and Repairs
The Tenant shall keep the Premises in good condition and shall be responsible for all repairs caused by its negligence or misuse. The Landlord shall be responsible for all repairs caused by normal wear and tear. The Tenant shall provide the Landlord with written notice of any repairs needed on the Premises.
The Tenant shall be responsible for obtaining insurance coverage for its business operations on the Premises. The Tenant shall provide the Landlord with proof of insurance upon request.
If the Tenant fails to comply with any of the terms and conditions of this Agreement, the Landlord may terminate this Agreement by providing the Tenant with written notice of default. The Tenant shall have [DEFAULT NOTICE PERIOD] days to cure the default or vacate the Premises.
9. Assignment and Subletting
The Tenant shall not assign this Agreement or sublet the Premises without the prior written consent of the Landlord.
10. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the Philippines.
11. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements.
This Agreement may not be amended except in writing signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
[Name & Title]
[Name & Title]
When drafting a commercial space rental contract in the Philippines, it`s important to include all the necessary details to avoid any ambiguity or misunderstanding between the parties. A clear and detailed rental agreement can help protect both the landlord and the tenant and ensure a successful rental experience.