A Good Idea for Renewing Long-Term Contracts

When you are renewing a long-term contract, for example a commercial lease, it may be helpful to compare the current contract with the new one term by term. Doing so can help you identify important changes. For instance, the landlord may take out an exclusivity clause or change the renewal percentages. Or the owner could have moved and changed the jurisdiction for disputes from the state you live in to some other state.

Quick tip: Compare the current contract with the new one term by term.

The trap you could fall into is that you will think the contract looks very similar so it is likely the same. You’ll think your landlord is a straight shooter and isn’t trying to trick you. Well, they’re not trying to trick you. They just changed the contract and gave it to your to read and review. They may not know a clause is important to you unless you say something about it.

Just keep in mind that most businesses are always tinkering around with their contracts as issues come up. When it comes time to renew your agreement, they may have changed their contract template for some reason unrelated to you without having even thought of you specifically. So just read the contract, compare it with the original, and make sure you know what you are signing.