Commercial lease questions, concerns & approaches with COVID-19
On Wednesday, April 16, 2020, Bow Valley College hosted a free webinar about commercial leases and rental agreements with Jeff Grandfield of The Lease Coach.com.
Jeff emphasized that the most important thing that every business owner who has a lease or rental agreement can do is to communicate with their landlord.
He also offered these pieces of advice:
- Review your lease agreement and insurance policy to make sure that you understand the details. Most insurance policies do not have coverage for tenants affected by COVID-19.
- Don’t skip rent payments without talking to your landlord:
- If you can pay some or all of your rent you should do so.
- If you need to discuss rent deferral (paying your rent at some time in the future) or abatement (rent forgiveness) with your landlord, talk to them now.
- Landlords may ask you to share your financials and details about what other steps you are taking to improve cash flow (government assistance, working with your bank, etc.)
- Most landlords will help their tenants with rental assistance during the pandemic.
- Once you have an agreement in place with your landlord, keep them updated as to how your business is doing.
- Rent agreements that you make with your landlord will usually be for a certain amount of time (i.e. one month or a 3-month term) and will need to be renegotiated at the end of the term.
You can watch the full commercial lease questions, concerns & approaches with COVID-19 webinar recording here (enter password M6$@4FJ= when prompted).
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