The Property License Agreement is a crucial legal instrument in Pakistan's property market, used when temporary or limited property rights need to be granted without creating a lease or transferring ownership. This document is particularly relevant when property owners wish to maintain significant control while allowing others to use their property for specific purposes, such as operating a business, storing goods, or conducting temporary activities. The agreement must comply with Pakistani legal requirements, including the Transfer of Property Act 1882, Contract Act 1872, and relevant stamp duty regulations. Typically used in commercial, industrial, and institutional contexts, it outlines specific terms for property use, duration, fees, maintenance, and termination conditions. The document provides flexibility while protecting both parties' interests under Pakistani jurisdiction.
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1. Parties: Identification of the Licensor and Licensee with full legal names, addresses, and registration details if applicable
2. Background: Context of the agreement, brief description of the property, and purpose of the license
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of License: Specific terms of the license grant, including scope and nature of permitted use
5. Property Details: Detailed description of the licensed property and its boundaries
6. Duration: Term of the license, including commencement date, duration, and renewal provisions
7. License Fee: Amount, payment schedule, and method of payment for the license
8. Use of Property: Permitted and prohibited uses of the property
9. Maintenance and Repairs: Responsibilities for property maintenance and repairs
10. Utilities and Outgoings: Responsibility for utility payments and other property-related expenses
11. Insurance: Insurance requirements for both parties
12. Termination: Grounds and process for termination of the license
13. Governing Law: Specification of Pakistani law as governing law and jurisdiction
14. Dispute Resolution: Process for resolving disputes between parties
1. Security Deposit: Terms of security deposit if required - include when there's a significant value of property or high risk
2. Alterations and Improvements: Rules regarding modifications to the property - include when improvements or alterations might be needed
3. Assignment and Sublicensing: Rights to transfer the license - include when there's possibility of third-party involvement
4. Force Majeure: Provisions for unforeseen circumstances - include for longer-term licenses
5. Environmental Compliance: Environmental obligations - include for industrial or commercial properties
6. Operating Hours: Specified times of operation - include for commercial properties or shared spaces
7. Signage Rights: Rules regarding display of signs - include for commercial properties
8. Intellectual Property: Protection of IP rights - include when branding or trade names are involved
1. Property Plan: Detailed plan or map of the licensed property including boundaries and measurements
2. Property Inventory: List of fixtures, fittings, and equipment included in the license
3. Payment Schedule: Detailed breakdown of license fees and payment dates
4. Maintenance Schedule: Specific maintenance obligations and schedules for both parties
5. Condition Report: Initial condition of the property at the time of license commencement
6. Rules and Regulations: Specific rules governing the use of the property
7. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
8. Authorized Representatives: List of authorized contacts for both parties
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