Things You Need To Know Before Renting An Office!
Well, you have decided to work at the best coworking space in town and you’re wondering if you’re missing something? Well, here is a list of things you need to keep in mind before you join the prominent workspace!
Here, we take a look at a basic list of things you should keep in mind before renting an office. Well, this may differ from location to location due to different laws and rules but still, it will give you a pretty good idea!
1. Coworking Conduct Policy:
A. Better Work Environment:
Renting an office, a dedicated desk or even a hot desking seat at a coworking office helps you meet a diverse bunch of people. Often, companies or service providers ask you to maintain decorum even while interacting to create a harmonious work environment.
B. Mutual Values Of Respect
Hence, use of improper language, sexual assault or undue behaviour is not tolerated in the shared office space. Core values of mutual respect and order are mandated through a code of conduct agreement before joining the coworking.
2. Pricing Policy:
A. Clear Word On Taxation:
With the onset of GST and the simplification of taxation, you should be clear from the start about the pricing prior to renting an office. It should be clear whether the price quoted is inclusive of the final tax or not! Additionally, PAN and other certification may be necessary as well.
B. Payment Policy:
When dealing with finances while renting an office, be sure about the mode of payment which may not only be limited to online payments. Each company has different payment policies, some might even accept cash payment or even bitcoins for that matter. You can also score a discount for making bulk payments as well.
3. Termination Agreement:
A. Breakaway Contract:
Be informed about lock-in periods, deposits and other clauses before you rent an office or a seat at a coworking space. If you want to terminate the contract, make sure you follow all the norms and honour the dealings.
Make sure that the company or the coworking space you’re dealing with understands your business and demands from the beginning to avoid conflict later. This helps both the parties to engage with each other in a pleasant way.
4. Services Agreement:
1. Non-Compliance Clause:
A non-compliance clause ensures that you have a say in what services you get and what happens in case you aren’t provided with the same. It protects you against any loss you might face in case of the loss you face due to the unavailability of the services.
2. Insurance & Other Factors:
Also, clarify if the coworking offers an inclusive insurance policy that protects you against disaster and other mishaps. As a space user, either you can ensure your own assets or get a company policy in case it exists. In case you don’t want one, make sure to clear the ownership in case of an electrical failure or water damage.
Well, this list should help you stay more informed and aware while dealing or renting an office. Essential agreements and clauses help you save trouble, time and money in the long run. Make sure to follow these points for a smoother coworking experience.
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We build beautiful offices and coworking spaces for businesses in India.
Innov8 is a workspace and community startup based in India. Innov8 take prime commercial spaces and convert them into thought led, well-designed workspaces for businesses, entrepreneurs, and freelancers. Innov8 has centers across all major cities in India.
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