This office lease provision states that the landlord and tenant each warrant and represent to the other party that there was no broker, finder or similar person, other than those listed, entitled to a commission, fee or other compensation, instrumental in consummating the lease. It also states that no conversations or prior negotiations were had by the landlord or tenant, respectively, or anyone acting on behalf of the landlord or the tenant, respectively, with any broker, finder or similar person, other than those listed, concerning the renting of the demised premises.
Wisconsin Lease Provisions Relating to Brokers: A Comprehensive Overview In Wisconsin, lease provisions relating to brokers play a crucial role in establishing the rights and responsibilities of brokers involved in the leasing process. These provisions help protect the interests of both landlords and tenants, ensuring a fair and transparent leasing experience. Let's delve into the details of these provisions, highlighting their importance and key elements. Types of Wisconsin Lease Provisions Relating to Brokers: 1. Commission & Compensation: This provision outlines the agreement between the landlord and broker concerning the payment of commission or compensation for finding a suitable tenant. It specifies the amount or percentage to be paid, the timing of payment, and any conditions that must be met to trigger the commission. 2. Exclusive Representation: This provision establishes whether the broker has exclusive rights to represent the landlord or tenant in leasing the property. It defines the duration of exclusivity and outlines the consequences if either party breaches this agreement. 3. Scope of Authority: This provision defines the extent of the broker's authority in negotiating, executing, and amending the lease on behalf of the landlord or tenant. It clarifies the limits within which the broker can act and the obligations they have towards their clients. 4. Indemnification: This provision addresses the issue of indemnification, protecting brokers against any claims or liabilities arising from the lease transaction. It specifies the circumstances in which the broker can be held responsible and outlines the procedures for claim resolution and the allocation of costs. 5. Termination and Renewal: This provision outlines the procedures and conditions for terminating or renewing a lease agreement. It may include provisions granting the broker the right to negotiate lease renewals or extensions on behalf of their client and stipulating any associated fees or commissions. 6. Dispute Resolution: This provision establishes the procedures for resolving any disputes that may arise between the broker, landlord, and tenant during the leasing process. It may require mediation, arbitration, or court proceedings and defines the jurisdiction and governing law applicable to these disputes. Overall, these Wisconsin lease provisions relating to brokers aim to regulate and protect the interests of all parties involved in the leasing process. They provide clarity and legal recourse if disagreements or issues arise, ensuring a fair and efficient leasing experience in Wisconsin. Keywords: Wisconsin, lease provisions, brokers, commission, compensation, exclusive representation, scope of authority, indemnification, termination, renewal, dispute resolution.
