The Louisiana Remeasurement Clause is a legal provision used in real estate contracts when discrepancies arise between the rentable area and the actual area of a space to be built. This clause is specifically designed to address situations where the measurements of a property deviate from what was initially agreed upon. The purpose of the Louisiana Remeasurement Clause is to ensure fair payment and prevent disputes between landlords and tenants. It allows for the remeasurement of the space in question to determine the accurate rentable area, which plays a crucial role in determining lease terms, rental rates, and tenant obligations. In cases where disparities exist between the rentable area and the actual area, the following types of Louisiana Remeasurement Clauses may come into play: 1. Remeasurement Clause by Agreement: This type of clause states that in the event of a significant variance between the agreed-upon rentable area and the actual area, both parties will renegotiate the lease based on the revised measurements. 2. Remeasurement Clause by Arbitration: Sometimes, the Louisiana Remeasurement Clause allows for the dispute to be resolved through arbitration. If the landlord and tenant cannot reach an agreement on the reevaluation of the space's dimensions, a neutral third party, such as an arbitrator, can be brought in to resolve the issue. 3. Remeasurement Clause with Adjustment Mechanism: This variant includes a predetermined formula or mechanism to adjust the lease terms based on the difference between the rentable and actual areas. For example, the rent could be adjusted proportionally to the variance in square footage. 4. Remeasurement Clause with Financial Consequences: In this type of clause, if the actual area is found to be larger than the rentable area initially agreed upon, the tenant may be required to pay additional rent. On the other hand, if the actual area is smaller, the landlord might reduce the rent or provide compensation to the tenant. It is crucial for both landlords and tenants to carefully review and discuss the Louisiana Remeasurement Clause before finalizing a lease agreement. This clause protects both parties' interests and ensures transparency in the measurement and payment processes. Seeking legal advice when dealing with complex terms and conditions is advisable to ensure compliance with Louisiana's specific real estate laws.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.