Atlanta is in the south-east USA with Florida and Orlando as tourist cities. Trading industry is in immense demand and retail space is available with striking features and ‘A’ grade amenities. However, before you invest or plan to expand your retail store in an Atlanta retail space or in Florida or Orlando, it is advisable to collect all the recent and authentic data. Prior to entering into any contract with a landlord for retail space, it is best to get all the information and particulars. Without proper knowledge you may be a loser. The following tips will guide you in expanding your retail store in the above retail spaces.
Relocating: For relocating your retail store to a bigger retail space in the same area or same mall you may incur a loss. Your existing business will be disrupted during the time of executing your move, in addition to the cost incurred for shifting. Old and dedicated customers may be lost.
Event of Default: An “event of default” arises when either party of a lease agreement do not perform as per the agreed terms. Most property owners include the right to terminate if the tenant defaults. This can be mutually objective and subjective. Objective issue is timely payment of rent and subjective issue can be a product or service offered by the tenant/retailer that was not agreed upon.
Non-Financial Event of Default: Lease agreements mention precisely what retail business the tenant will perform in the leased retail space. Technically speaking, a slight deviation in the type of business is a violation, attracting an “event of default” clause. In such cases the landlord can withdraw the lease.
Financial Event of Default: Not paying the rent is financial litigation. Chances are there that a month’s rent may not have been paid due to a clerical error. But certain unreasonable landlords, instead of calling the tenant to inquire about the matter, simply issue a notice terminating the agreement and asking the tenant to vacate the premises within 30 days.
Reasonable Solution: A clause should be integrated in the lease agreement for the landlords to issue written notice to the tenant in the incident of default and allow a reasonable period of time to rectify the default.
If the Landlord Cannot Perform: The tenant should have the right to terminate the lease, if the landlord can’t perform as per the stated terms of agreement, like providing basic amenities and parking space. This escape clause is necessary for tenants to be secure.
Dispute Resolution: District courts resolve these litigation’s. But most landlords desire binding arbitration for disputes. Tenants get an advantage in arbitration.
So, earlier than leasing retail space, research the best practices, analyze the demographics of successful stores, identify the market for your store and carefully consult the lease. This will improve your chances of success.
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