Commercial Leases and Covid-19

Commercial Leases and Covid-19

 Your commercial premise is one of the most important business assets you may hold and Covid 19 has really put a spin on things with unprecedented amendments to the legislation being made to further tenants during this time.

Many businesses are forced to close due to lockdown restrictions or if not forced to closed have been significantly impacted financially by Covid 19 to the point where they may not be able to pay their lease obligations.

In order to assist businesses, stay open post Covid 19 the government has implemented a new Code of Conduct that landlords will tailor a bespoke and appropriate temporary arrangement for each tenant considering their circumstances.

It is recommended that short term agreements or agreements to review the situation at intervals are used until all people can obtain a clearer picture on the economic impact of Covid 19.

Here at Smart Legal we can assist to facilitate this negotiation if you are a tenant or a landlord to ensure that the best agreement can be reached and drawn up according to the new Code of Conduct.