Office Sharing Agreement

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What is

Office Sharing Agreement

OFFICE SHARING AGREEMENT

An office-sharing agreement is a legally binding contract in the nature of an understanding between several business organizations who operate within a single premise but occupy different areas within it. These organizations may be lessees of a common Lessor or a lessee and a sub-lessee. The office-sharing agreement demarcates the scope of the use of the premises, the common utilities, and the collective and several responsibilities of the parties towards the premises. 

FAQs

1.  Is office sharing considered sub-leasing?

An office-sharing agreement is a mutual understanding between the parties as to share the facilities and equipment on the property and does not vest any interests in the property on the parties. It rather creates additional obligations on the parties with respect to their use of the property.

2.  What are the advantages of an office sharing agreement?

An office-sharing agreement provides the following advantage:

  1. Ensures proper usage of the resources.
  2. Cost-effective
  3. Provides code of conduct for the parties for peaceful operation within the property.
  4. Maintenance of the property efficiently.

3.  What is an office agreement?

An office lease agreement is a legal document between a landlord and tenant that will be occupying space for non-retail use. The space is generally suited for occupations such as accountants, attorneys, real estate agents, or other related fields where clients are welcome for professional consultation.