3 Common Terms Found in Office Reinstatement Policies You Should know
The HDB of the Singaporean government allows anyone to rent their own office space for any Singaporean-based business. In addition, you can easily rent an office space through bidding for it. However, you should always remember that it’s just a rented space; you don’t own the place all your life.
Upon renting a place, you’re informed of the reinstatement clause that comes along with renting the place. This clause is usually contained in every commercial or office lease agreement. It states that the tenant is required to do some office reinstatement Singapore and return the place to its original setting before occupying the place.
Here are some of the common lease terms that Singaporean landowners give out that comes with the package of renting office space:
The Lease Duration
The most common practice for the duration of a lease agreement in Singapore is between 2 to 3 years, 5 to 6 years for longer leases if you intend to occupy a much larger space. At the end of the agreement, landlords will give you the option of renewing terms or you vacating the premises.
Most landowners won’t permit you to sub-let full or part from the office unless you receive written consent from the landlord. On a case-by-case basis, the landowner may allow you to look for someone to fill in your shoes to take over the entire lease.
In Singapore, during the lease term, you’re expected to maintain and manage a public liability insurance policy that protects you against allegations of the following:
- Personal Injury
- Death or Property Damage
- Any form of Loss arising out of any and all functions of the tenant in the premises
In addition, you’re also expected to insured your furniture and fixings present inside the office to protect them against risks and damages.
The main thing you have to remember here is that you need to follow the right procedures of office reinstatement Singapore. The place is not yours to keep; remember to leave it how it was before you came in.