Before you sign an office lease contract you want to make sure that you have the ability to Sublet or Assign your office lease.
There are several reasons why you want to retain the ability to assign/sublease your office space
- Your company is growing so fast that you outgrow your space and your office building does not have any other space available.
- You are going out of business and you need to get the asset off your books
- You plan on selling your company at some point in time which means you will need the ability to transfer the lease obligation to the new entity.
- You want to relocate your business to a different part of town or different state/city
- There is a change with the shareholders of the company
At any rate changes to your business will happen so it’s important that you have the flexibility to sublease or assign your office lease. That being said this clause is very often overlooked by companies and business owners and is often taken too lightly. Before signing on the dotted line it’s important that you read this clause carefully………especially if your planning on selling or being bought out in the future.