contract on table

Commercial leases in NYC often seem like they are already long enough by the time everyone is ready to sign on the dotted lines, but it may still be wise to try and negotiate addendums to your lease. Addendums are more specific clauses. Not every tenant might want or need something, but you have decided that your business needs it and it should be a part of any contract you sign. Our New York commercial litigation & real estate lawyers can help you negotiate addendums that can help make a property a better fit for you.

What Kind of Addendums Can Be Negotiated?

If there is something that you can think of adding on to your commercial lease contract, it can probably done. Common types of addendums cover things like:

Sub-leasing: Can you assign or lease your space to another party? Your contract can outline specifics for what happens in this kind of situation.

Tenant improvements: If the space needs upgrades for your business, how is that handled? Who pays for upgrades, who does the work, and when projects can be expected to be completed can all be negotiated.

Lease renewal: What happens at the end of your lease? Knowing where you stand can be helpful, so having an addendum about when a renewal can be negotiated and what else you can expect from the process is a good idea.

Rent increases: Will the rent rise during your lease term or is that just something to talk about when the lease needs to be renewed? It’s important to know when rent hikes will go into effect.

Conditions for early termination: Addendums that outline what happens when one or both parties want out of a lease agreement early can help reduce the chance of major conflicts breaking out later.

Dispute resolution: How are disputes handled? Some companies have their preferred method, like arbitration. An addendum can make it clear if litigation is an option.

Change of ownership: This can be especially important if you are signing a longer lease. What happens if the owner changes? How does that affect your lease agreement? An addendum can make this clear.

Do I Need an Attorney to Make Addendums to a Lease Agreement?

You may not need a lawyer to negotiate and make addendums to your lease, but having one on your side can help. Your attorney can go over the existing contract carefully and make sure that nothing important gets lost in the shuffle. If you need to make addendums, they can help you negotiate for the most favorable terms possible.

Contact Our Law Firm Today

If you want to learn more about lease negotiations and what an experienced real estate attorney can do for you, contact David A. Gallo & Associates LLP. We can schedule a consultation and tell you more about what we can do to assist you.