Commercial Rent Agreement
Commercial tenancy agreement for shops, offices, and commercial spaces in Pakistan with comprehensive legal clauses.
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Instructions
1. Enter complete legal names, CNIC numbers, and addresses of both parties. For companies, use company name and NTN number.
2. Specify the exact nature of commercial property and describe the business to be conducted.
3. Set appropriate rent amount, escalation percentage (typically 8-10% for commercial), and security deposit (typically 3-6 months' rent).
4. Both parties must sign in the presence of two witnesses. Consider getting the agreement notarized for added protection.
Frequently Asked Questions
Can I use this for any commercial property?
Yes, this agreement is suitable for shops, offices, showrooms, and similar commercial spaces. For industrial properties, use the Industrial Rent Agreement.
What is the typical lock-in period for commercial agreements?
Commercial agreements typically have a 6-month lock-in period. This can be negotiated between parties.
Are there any taxes on commercial rent in Pakistan?
Withholding tax may be applicable on commercial rent payments as per the Income Tax Ordinance, 2001. The rate varies and should be verified with current tax regulations.
What happens if I want to change my business type?
Any change in the nature of business requires prior written consent from the landlord as specified in the agreement.
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