Good Guy Clause Example
Description
How to fill out Detailed Form Of Good Guy Guaranty?
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FAQ
The term 'make good' refers to the obligation to rectify any damages or losses, particularly in lease agreements. This implies that the responsible party must restore the property to its original state upon termination of their lease. Understanding this term is crucial for both landlords and tenants to avoid disputes. An example of a good guy clause can often highlight these responsibilities.
The 'make good' clause commonly covers items such as: the removal and repair of partitions, fixtures or fittings such as shelves, joinery, and installations. the removal of racking and floor bolts. the removal of plant and equipment. powerpoints and lighting. floor and ceiling finishes/coverings. computer room/data centre.
For example, if Company X stops paying rent June 1 and Company X leaves June 1, the good guy is completely off the hook. If Company X stops paying rent June 1 and Company X leaves July 1, the good guy owes the landlord rent for the month of June.
Good Guy Guaranty example scenarios If the tenant breaks the lease before the lease term expires, or vacates without being up-to-date on their rent payments, the landlord will have no other choice than to take that tenant to court.
A Good Guy Clause, (?GGC?) is a lease provision typically found in commercial leases that allows a landlord to release a tenant from liability in the event the tenant does not complete the lease period.
Examples of 'make good' provisions include: If a tenant rents the premises as a shell, their 'make good' obligation could involve stripping all fixtures and fittings, removing staircases, and returning the premises to the landlord as a shell (sometimes also referred to as decommissioning obligations)