Maine Commercial Lease Agreement
The Maine Commercial Lease Agreement binds a commercial landlord (or property manager) and a tenant into a long-termed contract that allows a for-profit business to occupy a property in exchange for monthly payments. Note that certain types of businesses, such as nonprofits or religious organizations, are not considered as commercial tenants in Maine. Being a legally binding document, the commercial lease conforms to state law – however, it’s important to understand that both landlords and tenants have far fewer statutes in place to protect them compared to their residential counterparts. Tenants and landlords should, therefore, take caution in ensuring the lease contains all the necessary conditions that will protect them in unfavorable circumstances.
Maine Commercial Lease Entry & Detainer Law: Title 14 § 6017
Notes on Arbitration: To avoid potentially lengthy and costly attorney’s fees and other expenses, it is highly recommended that the parties to the contract include an arbitration clause. This makes it so that in the event the parties have a disagreement regarding a condition in the lease (rent amount, termination date, etc.), an agreed-upon person will act as an intermediary, listening to both sides of the argument and making a decision. Whatever decision the arbitrator makes is final, meaning both parties are legally required to accept it whether it favors them or not.
Filing a Business in Maine: For those not yet ready to rent but are looking to file their entity, additional forms can be found at the Maine Corporations Division. There, persons have the ability to file LLCs (Limited Liability Companies), Partnerships, Corporations (C Corp, S Corp, etc.), Non-Profits, and more.