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 Idaho Remeasurement Clause is commonly utilized in the real estate industry when there are discrepancies between the rentable and actual area of a space being constructed. This clause aims to address these variations by providing a mechanism to fairly determine the accurate area of the space for calculation of rent and other related purposes. The primary goal of the Idaho Remeasurement Clause is to ensure transparency, fairness, and accuracy in determining the rentable area of a space. It is particularly crucial in scenarios where landlords and tenants have a lease agreement based on rentable area, as this clause helps avoid potential disputes and ensures both parties are on the same page in terms of the space's size. This clause typically outlines the process to be followed in situations where variances exist between the rentable and actual area. It may involve measuring the space using standardized industry methods, such as the BOMB (Building Owners and Managers Association) standards, which provide guidelines for measuring rentable areas accurately. Many types of Idaho Remeasurement Clauses can be used when differences arise between the rentable and actual area of a space. These clauses can incorporate specific provisions, such as the timing of the remeasurement, the party responsible for the cost of remeasurement, and the method of measurement to be applied. Some common types of clauses include: 1. Mandatory Remeasurement Clause: This type of clause dictates that the rentable area must be accurately remeasured at predetermined intervals, ensuring the lease is consistently based on the correct measurements. 2. Tenant-Initiated Remeasurement Clause: This clause allows the tenant to request a remeasurement if they believe there is a significant discrepancy in the area. The tenant may bear the cost of the remeasurement if the results confirm the original measurements. 3. Landlord-Initiated Remeasurement Clause: In this case, the landlord may initiate a remeasurement if they suspect a significant discrepancy and wish to ensure the lease terms are based on accurate measurements. The landlord usually covers the cost of the remeasurement unless the discrepancy is negligible. 4. Arbitration Clause: This variation of the Idaho Remeasurement Clause includes a provision for arbitration if disputes arise regarding the remeasurement process or results. This clause ensures a fair and impartial resolution by involving a neutral third party. Overall, the Idaho Remeasurement Clause provides a valuable mechanism for addressing discrepancies between rentable and actual area measurements. By incorporating clear and concise terms in lease agreements, it helps minimize potential conflicts between landlords and tenants, promoting fair practices within the real estate industry.
