Lock-out Agreement (Lease Not Agreed)
Publisher one
Genie AIJurisdiction
England and WalesCost
Free to useRelevant sectors
Type of legal document
🛒 Exclusivity agreementBusiness activity
Negotiate lease agreementAn exclusivity agreement is a contract between two parties that grants one party the exclusive right to sell or distribute a product or service within a defined territory. The agreement may also stipulate that the exclusive distributor will be the only party allowed to sell the product or service online.
The lock-out agreement highlights the specific terms and conditions under which the landlord agrees not to enter into negotiations or sign a lease agreement with any other individual or entity for a predetermined period, typically agreed upon by both parties. This exclusive negotiation period allows the prospective tenant to conduct further due diligence, secure funding or permissions, or simply have more time to consider the terms of the lease.
Within this legal template, details regarding the payment of a lock-out fee, which serves as compensation to the landlord for temporarily setting aside other potential tenants, may be included. The agreement may also outline the circumstances under which the lock-out agreement can be terminated by either party, such as if a lease agreement is successfully reached or if either party fails to fulfill their obligations.
As this legal template is specific to the UK jurisdiction, it adheres to the applicable laws, regulations, and standards governing lease agreements in the country.
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