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Alternative Trading Locations & Lease Agreements...BEWARE

A client of ours is on the ball. Their insured had suffered a major fire and their rented premises were destroyed. In an effort to get them back up and trading the broker and insured had found a suitable location and were about to sign a 2 year lease when we were appointed.

After a quick review of the current lease agreement termination clauses we noted that the lease could only be terminated if the damaged property could not be repaired within 9 months. A quick call to the property adjuster and builder revealed the repairs would be completed within 7 months.

This oversight could have led to a $245,000 double lease disaster.

Always check the terms and conditions of a lease before making decisions.

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