This office lease clause lists a way to provide for variances between the rentable area of a "to be built" demised premises and the actual area after construction.
The Georgia Remeasurement Clause is a crucial legal provision used when there are disparities between the rentable and actual area of a space being constructed. This clause is aimed at addressing potential discrepancies in the measurements of a property, ensuring fair rent calculations, and protecting both landlords and tenants from potential losses or disputes. The purpose of the Georgia Remeasurement Clause is to accurately reflect the precise usable area of a space, which may deviate from the initially estimated figures. This clause facilitates adjustments, either increasing or decreasing the designated rentable area, depending on the final measurements. It is particularly relevant in commercial real estate leases, where rental rates are often based on the square footage of the leased premises. By implementing the Georgia Remeasurement Clause, parties enter into an agreement that if variations exist between the rentable area stated in the lease agreement and the actual area upon completion of construction, the rent will be recalculated accordingly. This clause ensures that neither party is unfairly burdened by renting more space than intended or paying for a larger area than received. Different types of Georgia Remeasurement Clauses may vary in terms of specific language and provisions, but they generally serve the same purpose. These clauses may include provisions outlining the process for determining the actual area, defining how discrepancies will be addressed, establishing deadlines for remeasurement, and determining any additional costs associated with the remeasurement process. In some cases, the Georgia Remeasurement Clause may include provisions for dispute resolution mechanisms, such as arbitration or mediation, to resolve conflicts arising from disagreements on the remeasurement results or calculations. It is crucial for both landlords and tenants to thoroughly understand the specific terms included in their lease agreements to avoid future disputes regarding the remeasurement process. Overall, the Georgia Remeasurement Clause is a vital aspect of commercial real estate leases, serving to maintain fairness and transparency during the rental process. It provides a framework for accurately determining the rentable area and helps prevent potential disagreements and financial losses for both landlords and tenants.
The Georgia Remeasurement Clause is a crucial legal provision used when there are disparities between the rentable and actual area of a space being constructed. This clause is aimed at addressing potential discrepancies in the measurements of a property, ensuring fair rent calculations, and protecting both landlords and tenants from potential losses or disputes. The purpose of the Georgia Remeasurement Clause is to accurately reflect the precise usable area of a space, which may deviate from the initially estimated figures. This clause facilitates adjustments, either increasing or decreasing the designated rentable area, depending on the final measurements. It is particularly relevant in commercial real estate leases, where rental rates are often based on the square footage of the leased premises. By implementing the Georgia Remeasurement Clause, parties enter into an agreement that if variations exist between the rentable area stated in the lease agreement and the actual area upon completion of construction, the rent will be recalculated accordingly. This clause ensures that neither party is unfairly burdened by renting more space than intended or paying for a larger area than received. Different types of Georgia Remeasurement Clauses may vary in terms of specific language and provisions, but they generally serve the same purpose. These clauses may include provisions outlining the process for determining the actual area, defining how discrepancies will be addressed, establishing deadlines for remeasurement, and determining any additional costs associated with the remeasurement process. In some cases, the Georgia Remeasurement Clause may include provisions for dispute resolution mechanisms, such as arbitration or mediation, to resolve conflicts arising from disagreements on the remeasurement results or calculations. It is crucial for both landlords and tenants to thoroughly understand the specific terms included in their lease agreements to avoid future disputes regarding the remeasurement process. Overall, the Georgia Remeasurement Clause is a vital aspect of commercial real estate leases, serving to maintain fairness and transparency during the rental process. It provides a framework for accurately determining the rentable area and helps prevent potential disagreements and financial losses for both landlords and tenants.
