Small businesses and landlords can source expert tips on researching market options, negotiating and managing retail leases with the launch of the latest update to the NSW Small Business Commission’s Retail Tenancy Guide.
The updated guide provides detailed advice for both lessees and lessors at each stage of a tenancy agreement: from knowing your rights and asking the right questions before the lease is signed, to the costs of leasing, how to resolve disputes and dealing with end of lease issues.
NSW Finance and Small Business Minister Damien Tudehope said the guide was a must read for small business and landlords. Importantly, the guide provides practical tips and assistance that will assist both parties in being more fully informed.
The guide, developed in consultation with business and key industry associations, includes checklists to consider before signing a lease and a glossary of lease terms.
“It’s particularly important that both parties, tenants and landlords, understand their rights and responsibilities, how to best negotiate lease terms and how to resolve issues if things go wrong,” Mr Tudehope said.
“We encourage small businesses and landlords to use this guide in researching leasing options and at every stage of the life of a retail lease but especially before signing or renewing a lease.”
Australian Retailers Association CEO Paul Zahra said smaller retailers were often unaware of their rights under retail leases.
“This guide will be a great help for businesses facing issues with their lease and who need to understand their options,” Mr Zahra said.
The guide does not replace professional advice or cover every aspect of the law. Tenants and landlords are strongly advised to get independent professional advice before signing a lease.
In the event of any disputes during the lease, the NSW Small Business Commissioner administers the Retail Leases Act 1994 and provides a cost-effective mediation service.