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A Commercial Lease Agreement is a document that can be used when a property that will be used for commercial activity will be rented. It outlines the obligations of the lessor (the owner of the property) and the lessee (the person/organization renting the property). It should also contain other important information such as information about the property that will be rented, the period of the lease, and the rent that will be paid.
This Commercial Lease Agreement can be used if the lessee will lease the entire property from the lessor or only a portion of the property.
How to use this document
A Commercial Lease Agreement is usually drafted by the lessor however, the lessee may also draft the same if the lessor does not have a readily available contract. The lessor should complete the information required in the document. This document has several options that should be decided on in order to fully outline the rights and obligations of each party to the contract.
Once completed, the lessor should print at least three (3) copies of the Commercial Lease Agreement. Both parties should review the document, and if satisfactory, sign all the copies of the same.
The document also includes an Acknowledgment if the parties wish to acknowledge the document before a notary public. An Acknowledgment is an act of a person before a notary public stating that the signature on a document was voluntarily affixed by him and he executed the document as his free and voluntary act. Acknowledging a document before a notary public turns document into a public document. Public documents are generally self-authenticating, meaning no other evidence will be needed to prove the execution of the document.
The laws on lease are found in the Civil Code of the Philippines. The 2004 Rules on Notarial Practice is also applicable if the document will be acknowledged before a notary public.
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