An Arkansas commercial lease agreement is a binding contract for a tenant to lease retail, industrial, or office space. The agreement sets the responsibilities and rights for both landlords and tenants, as well as details about rent, deadlines, penalties and other details.
The Arkansas law that governs commercial leases is AR Code § 18-17-912 (2020). These types of leases are typically more complex than a residential lease, so consulting with a lawyer is advisable.
Writing Arkansas Commercial Lease Agreements
An Arkansas commercial lease agreement should generally contain the following:
- Landlord’s name and contact information
- Property manager’s name and contact information (if any)
- Tenant’s name and contact information
- Authorized use of the lease property
- Description of the lease property
- Type of lease (gross, modified-gross, or triple-net)
- Term of the lease and the start date
- Option to renew the lease, if offering
- Security deposit and refund policy
- Rent and landlord’s profit participation in operations (if any)
- Penalty for late/non-payment of rent (including eviction process)
- Designation of the responsible parties for certain expenses and utilities
- Jurisdiction for any legal proceedings
- Permissible leasehold improvements allowed by the landlord
- Additional terms, as needed
- Landlord and tenant contact information and form for legal service
- Miscellaneous terms specific to the lease
