Partnership rent agreement

Rent Agreement

THIS RENT AGREEMENT is made and executed at [City Name] on this [Date] day of [Month], [Year],

BY AND BETWEEN:

[Partner's Name], son/daughter of [Father's Name], residing at [Partner's Address] (hereinafter referred to as the "LANDLORD", which expression shall unless repugnant to the context mean and include his/her heirs, executors, administrators, and assigns) of the FIRST PART;

AND

M/S [Partnership Firm Name], a partnership firm having its principal place of business at [Firm's Office Address], represented through its authorized partner [Authorized Partner's Name] (hereinafter referred to as the "TENANT", which expression shall unless repugnant to the context mean and include its successors-in-interest and permitted assigns) of the SECOND PART.

WHEREAS:

• The Landlord is the absolute owner and in lawful possession of the property situated at [Full Address of the Rented Property] (hereinafter referred to as the "Demised Premises").

• The Tenant (Partnership Firm) requires the Demised Premises for its business operations and commercial purposes.

• The Landlord has agreed to lease out the Demised Premises to the Tenant on the terms and conditions mutually agreed upon between both parties.

NOW THIS AGREEMENT WITNESSETH AS UNDER:

1. Duration: This lease is granted for a fixed period of [e.g., 11 months / 3 years] commencing from [Start Date] and ending on [End Date].

2. Rent: The Tenant agrees to pay the Landlord a monthly rent of Rs. [Amount in numbers]/- (Rupees [Amount in words] only). The rent shall be paid on or before the [e.g., 5th] day of each succeeding English calendar month via bank transfer/cheque.

3. Security Deposit: The Tenant has deposited a sum of Rs. [Amount]/- as a interest-free security deposit, which shall be refunded by the Landlord to the Tenant at the time of vacation and peaceful handover of the Demised Premises.

4. Utility Charges: The Tenant shall pay all actual electricity, water, and internet charges directly to the concerned authorities during the lease period.

5. Usage: The Tenant shall use the Demised Premises strictly for commercial/business operations of the partnership firm and shall not use it for any illegal purposes.

6. Maintenance: The Tenant shall keep the interior of the premises in good and clean condition. Major structural repairs shall be borne by the Landlord, while minor day-to-day repairs shall be handled by the Tenant.

7. Termination: Either party can terminate this agreement by giving [e.g., 1 or 2 months] written notice in advance to the other party.

IN WITNESS WHEREOF, the parties hereto have signed this agreement on the day, month, and year first mentioned above.

WITNESSES:

1. Name & Signature: ___________________________

2. Name & Signature: ___________________________

Important Notes for Implementation:

• Stamp Duty: This agreement should be printed on non-judicial stamp paper of an appropriate value as prescribed by your state government.

• Registration: If the lease period is 12 months or longer, registration with the local Sub-Registrar is legally mandatory. Eleven-month agreements are generally notarized.

• PAN Requirements: Ensure that rent payments are trackable (bank transfers) so the partnership firm can legitimately claim the rent as a business expense under the Income Tax Act.