The Commercial Property Licence Agreement serves as a crucial legal instrument in the Indian real estate market, particularly suitable for businesses seeking flexible commercial space arrangements without the long-term commitments associated with traditional leases. This document is commonly used for temporary office spaces, retail outlets, kiosks, pop-up stores, and other commercial establishments where the occupier needs a defined space for a specific period. The agreement encompasses essential elements such as duration, licence fees, permitted use, maintenance obligations, and termination rights, all while adhering to Indian property laws and regulations. It offers a more flexible alternative to traditional lease agreements, making it particularly attractive for businesses requiring shorter occupation periods or those testing new markets. The document must comply with the Transfer of Property Act, 1882, the Indian Contract Act, 1872, and relevant state-specific property regulations.
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1. Parties: Details of the Licensor and Licensee, including registered addresses and company registration numbers
2. Background: Context of the agreement and brief description of the property and intended use
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Licence: Specific terms of the licence grant, including purpose and scope
5. Duration: Term of the licence, including commencement date and duration
6. Licence Fee: Amount, payment terms, and review mechanisms for the licence fee
7. Security Deposit: Details of security deposit amount, terms of holding and return
8. Permitted Use: Specified purposes for which the property may be used
9. Licensee's Obligations: Core responsibilities of the licensee including maintenance, utilities, and conduct
10. Licensor's Obligations: Core responsibilities of the licensor including access and essential services
11. Insurance: Required insurance coverage and responsibilities
12. Utilities and Outgoings: Responsibility for utilities, taxes, and other operational costs
13. Termination: Grounds and procedure for termination of the licence
14. Exit Provisions: Procedure for vacating the property and final settlement
15. Notices: Process and addresses for serving formal notices
16. Governing Law: Specification of Indian law as governing law and jurisdiction
1. Fit-out Works: Used when the licensee is permitted to carry out modifications or improvements
2. Common Areas: Include when the property is part of a larger complex with shared facilities
3. Service Charges: Required when additional services are provided by the licensor
4. Signage Rights: Include when specific provisions for external or internal signage are needed
5. Car Parking: Used when parking spaces are included in the licence
6. Operating Hours: Include for properties in commercial complexes with restricted hours
7. Environmental Provisions: Required for properties where environmental compliance is crucial
8. Sublicensing Rights: Include if sublicensing is to be permitted under specific conditions
9. Force Majeure: Optional clause for handling unforeseen circumstances
10. Break Clause: Include when early termination options are to be provided
1. Property Description: Detailed description of the licensed property including floor plans and measurements
2. Inventory: List of fixtures, fittings, and equipment included in the licence
3. Licence Fee Structure: Detailed breakdown of fees, payment schedules, and review mechanisms
4. House Rules: Building regulations and operational guidelines
5. Service Level Agreement: Details of services provided by the licensor, if any
6. Fit-out Guidelines: Technical specifications and requirements for any permitted modifications
7. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
8. Handover Protocol: Procedures and checklist for property handover at start and end of licence
9. Maintenance Schedule: Schedule of regular maintenance responsibilities
10. Utilities Matrix: Breakdown of utility responsibilities and payment obligations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Hospitality
Information Technology
Professional Services
Banking and Financial Services
Healthcare
Education
Manufacturing
Logistics
Co-working Spaces
Entertainment
Food and Beverage
Relevant Teams
Legal
Operations
Facilities Management
Finance
Real Estate
Procurement
Risk and Compliance
Administration
Property Management
Business Development
Relevant Roles
Property Manager
Facilities Manager
Real Estate Director
Commercial Property Lawyer
Legal Counsel
Operations Manager
Chief Financial Officer
Business Development Manager
Store Manager
Regional Manager
Procurement Manager
Risk Manager
Compliance Officer
Asset Manager
Property Administrator
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