What to Lookout in a Coworking Agreement
When you’re choosing a coworking office space, it is important to ensure your agreement is flawless. Our real estate experts drafted an amazing set of things you must check when drafting a coworking agreement.
What is a Coworking Agreement?
The primal agreement used to lease an office space for coworking is coworking agreement. It must contain important technical terms to help in seamless use afterword.
6 Things to Lookout for a Coworking agreement
What will you do when the office space owner kicks you out in between your work? Is the lease clarified? How about the clause on notice period? Get to know the right questions to ask when making a coworking agreement.
1. Rental Release Vs Service Agreement
If you’re leasing a shared office space, terming it as a rental release can create many problems in the future. What you need to do is add the document as a coworking agreement. Hence, check the documents for the phrase ‘rental release’. Sign it once you confirm the coworking agreement is a service agreement!
2. Security Deposit and Fees
When you’re calculating the total costs you will have to bear, ensure that you receive the cost charts in writing. This will help you avoid surge charges and hidden costs in a coworking agreement. When you’re investing in a shared office space in India, all the prices must be signed an agreed beforehand for smooth business afterwards!
3. Estimate a Per head Cost
As a business, you’re investing in a coworking office space because you want to save up on the total costs. It should list the exact cost per person as a business grows with more staff in the future. It will also prevent fuss about the coworking agreement in India in the future.
4. What is the Notice Period on your Coworking Agreement
Check the clause on the notice period. How many months or years does it list as a safe notice period? Without confirming on an exact notice period, the builder or leaser can create problems when you try to leave the place. If you can’t find it in the coworking agreement, add it and get it signed by the person you’re leasing the office space from.
5. Clarify availability of the Shared Office Space
When you’re looking for office spaces to lease, always have a clear goal in your mind. Have you assessed how long you will require the space? Try to come up with precise hours, days or months you might need it.
As overtime is common in startups, ensure that the coworking office space you book is also available for your odd office timings!
6. Any Insurance or Hidden Costs you Missed out
Many real estate agents in India hide costs until the last moment. Hence, confirm the costs in the coworking agreement you make in India. It will prevent confusions in the future and help you estimate the total costs to set up your business without losses.
The Real Estate Expert Says …
When you’re making a coworking agreement for your office space in Bangalore, consult the experts to avoid losses. Book a FREE appointment with a Real Estate Expert NOW!