This office lease form describes an operating cost escalations provision.In the event that the operating costs for any calendar year during the term of this lease shall be greater than the base operating costs, the tenant will pay to the landlord additional rent of an amount equal to such an increase.
Puerto Rico Operating Cost Escalations Provision
State:
Multi-State
Control #:
US-OL19034A
Format:
Word;
PDF
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How to fill out Operating Cost Escalations Provision?
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FAQ
Cost-planning: Careful planning at the start of the project is the best way to manage cost escalation risk. Building a robust budget requires engagement with suppliers, contractors, and consultants before committing to the project. Be sure to include a contingency sum into your project budget to cover unforeseen costs.
COST FLUCTUATION results when changes occur to the price of specific goods or services over a period of time. Cost escalation risk is simply the risk associated with upward cost fluctuation. It may be a result of inflation, market volatility, labour and skill shortages, construction congestion and demand.
Operating Expense Escalation means a sum payable by Tenant to Landlord each Lease Year computed by multiplying the sum representing the Base Year Operating Expenses as defined under Subsection A.
For example, if the base year operating expenses are $5.00 per square foot and during the subsequent year, building operating expenses increase by 3 percent, the result is a $0.15 per square foot increase (5.00 x 103%=5.15). For a 3,500 square-foot lease, this would amount to an escalation payment of $525.00.
Operating cost escalation = Total cost in the following year (operating cost + tax levied) ? Total amount expended in the base year.