In most situations, the day a location opens becomes the lease commencement date. While some leases stipulate that some type of commencement verification letter must be drawn up, this step is often overlooked. Important for the life of the lease, the commencement date dictates when rent payments are due, the option dates, rent escalation dates, the lease year, CPI, percentage rent, expirations, and so forth.
If your company doesn’t have a process for memorializing key dates and milestones, we invite you to download our template. By taking this small step, you’re eliminating possible conflict and confusion down the road.