Commercial Leases · glossary
A counterpart lease is the second identical copy of a lease. The landlord signs the lease and the tenant signs the counterpart. At completion they swap, so the tenant keeps the lease signed by the landlord and the landlord keeps the counterpart signed by the tenant. Each side can then prove the other's promises.
The part of the lease the tenant signs. The landlord signs the Lease and the tenant signs the identical Counterpart, and each side keeps the part the other signed. Fellgate keeps the Counterpart as its proof of everything Linnet promised. Lease 14.4 · Chapter 10 · see Deed
Explained in Chapter 10, Completion, Registration and the File, of Commercial Leases.
Signing and completion are two separate moments. Fellgate signs the lease, and Linnet signs an identical copy called the counterpart. Before completion, each firm sends its client's signed part to the other firm, to be held undated. At completion the solicitors agree by telephone to date and release the two parts, so each side holds the part the other signed.Read Chapter 1, What a Lease Is →
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The copy of the lease that the tenant signs and the landlord keeps. It matches the lease word for word, so the landlord has the tenant's signed promises to pay rent, repair and the rest.
A matching copy. Any contract can be signed in counterparts, each party signing its own copy. In leases the word has a fixed use: the tenant's signed copy, kept by the landlord.
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