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This Storage Space Agreement can be used when a storage space is being rented from a property owner ("Lessor") to a tenant ("Lessee") for the storage of goods. The Lessor or Lessee may be either an individual or entity like a company, LLP, Partnership firm, etc.
This Agreement can be used for letting out individual storage lots or whole storage areas to someone on a rental basis. The storage space may be an open land or storage space inside a building. This Agreement can be used for both commercial and personal storage space lending.
This Lease will create a legally binding contract between the parties, outlining the rights and responsibilities of both the Lessor and the Lessee. This Agreement contains a number of terms, including:
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This document is not suitable for letting other commercial spaces like an office, warehouses, factories, etc. for that purpose, a Commercial Lease can be used. Commercial spaces are rented to an entity or individual to run a business.
This document is not suitable for lending residential properties like houses, flats, apartments, etc. For that purpose, a Residential Lease can be used.
This document is not suitable for lending a parking space. For that purpose, a Parking Lease Agreement can be used.
How to use this document?
The completed document should be provided to all parties. Each party should be given the opportunity to read the agreement and may need some time to do this given the length of the document.
The Agreement would need to be printed on non-judicial stamp paper or e-stamp paper which is available in certain states. The value of the stamp paper would depend on the state in which it is executed. Each state in India has provisions in respect of the amount of stamp duty payable on the Agreement deed and the same would need to be determined based on the specific facts of the case. Information regarding the stamp duty payable can be found on the State government websites.
After printing the document on stamp paper or e-stamp paper, as applicable, both parties should sign the Agreement and each party should keep a copy of the Agreement.
The provisions of the Indian Contract Act, 1872 will be applicable.
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