Water Cooler - Lease Renewals & Payment Terms
I'm Jim Mcfarlane from Konica Minolta. I'm currently setting up a rental agreement for a water cooler for one (1) of our branches.
The Rental Agreement states: that upon lease renewal the vendor can increase the rent up to 5%. Q: What kind of terms have you negotiated for lease renewal increases? Is there a benchmark or best practice for this type of percentage increase?
Also in the Agreement is a part stating "if payments are more than 10 days late, we will have to pay a late fee of 5% or $5.00 whichever is greater." Q: What kind of payment terms are the norm. What terms have you negotiated?
Please let me know your thoughts.
Jim Mcfarlane C.P.M.