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Business Rental Agreement Template for Nigeria

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Key Requirements PROMPT example:

Business Rental Agreement

"I need a Business Rental Agreement for a retail store in Lagos, Nigeria, with a 5-year term starting March 1, 2025, including provisions for signage rights and an option to renew for an additional 3 years."

Document background
The Business Rental Agreement serves as a crucial legal instrument for commercial property transactions in Nigeria, providing a structured framework for both landlords and business tenants. This document is essential when a business entity seeks to lease commercial space for its operations, whether for retail, office, industrial, or other business purposes. The agreement must comply with Nigerian federal and state property laws, including the Land Use Act and local tenancy regulations. It typically includes comprehensive terms covering rent, duration, maintenance, permitted use, and other crucial aspects of the commercial tenancy relationship. The document is designed to protect both parties' interests while ensuring clarity in their respective rights and obligations throughout the lease term.
Suggested Sections

1. Parties: Identification and details of the landlord and tenant, including registration numbers for businesses

2. Background: Context of the agreement and brief description of the property and intended use

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the rented premises, including address and boundaries

5. Term and Renewal: Duration of the lease, commencement date, and renewal terms

6. Rent and Payment Terms: Rental amount, payment schedule, and method of payment

7. Security Deposit: Amount, terms of holding, and conditions for return of security deposit

8. Utilities and Services: Responsibilities for utilities, maintenance, and service charges

9. Use of Premises: Permitted business activities and restrictions on use

10. Maintenance and Repairs: Responsibilities of each party for maintaining the property

11. Insurance: Required insurance coverage for both parties

12. Default and Remedies: Consequences of breach and available remedies

13. Termination: Conditions and procedures for ending the agreement

14. Governing Law: Specification of Nigerian law as governing law and jurisdiction

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Subletting and Assignment: Terms for subletting or assigning the lease, if permitted

2. Alterations and Improvements: Terms for making changes to the property, used when modifications are anticipated

3. Option to Purchase: Terms for tenant's right to purchase the property, if applicable

4. Force Majeure: Provisions for unforeseen circumstances affecting the lease

5. Environmental Compliance: Specific environmental obligations, particularly relevant for industrial or manufacturing use

6. Guarantor Provisions: Terms relating to guarantors, if required for the tenancy

7. Parking and Common Areas: Rules and rights regarding shared facilities, if applicable

8. Signage Rights: Terms for external business signage and advertising

Suggested Schedules

1. Schedule 1: Property Plan: Detailed floor plan and measurements of the premises

2. Schedule 2: Inventory: List of fixtures, fittings, and equipment included in the lease

3. Schedule 3: Service Charges: Breakdown of service charges and calculation method

4. Schedule 4: Building Rules: Specific rules and regulations for the building or complex

5. Schedule 5: Maintenance Schedule: Detailed maintenance responsibilities and schedules

6. Appendix A: Condition Report: Initial condition of the property with photographs

7. Appendix B: Required Permits: Copies of necessary business permits and licenses

8. Appendix C: Insurance Requirements: Detailed insurance specifications and minimum coverage requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions







































Clauses






































Relevant Industries

Real Estate

Retail

Manufacturing

Professional Services

Hospitality

Healthcare

Technology

Education

Financial Services

Logistics

Warehousing

Entertainment

Food and Beverage

Relevant Teams

Legal

Real Estate

Operations

Finance

Facilities Management

Risk and Compliance

Procurement

Business Development

Administration

Relevant Roles

Property Manager

Business Owner

Real Estate Manager

Legal Counsel

Operations Director

Facilities Manager

Commercial Director

Chief Financial Officer

Business Development Manager

Compliance Officer

Real Estate Agent

Company Secretary

Procurement Manager

Risk Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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