The importance of the banner agreement and lease when opening a pharmacy

Normally, I go out of my way to point out my blog comments are my own and not necessarily shared by any organization with which I am professionally affiliated. However, while the views below are certainly my own, I find it difficult, in today’s blog, to distance myself from my employer, Neighbourly Pharmacy.

Here I will cover the Notices section, the Option to Renew, and the Relocation clause. Generally, once both parties have entered into a Banner Agreement and Lease, the next time those documents ever get pulled out of the filing cabinet are at term renewal, at time of sale, or when something has broken down in the relationship between the parties.

Like the banner agreement, the lease is a complex legal document, and generally never balanced in the way it is drafted. It always reads very much in favour of the landlord. When I review a lease, I think of it the same way as when I read an insurance policy. There is nothing drier on the face of the earth, but you need to understand it because the next time you pull it out to refer to it, it is because something really important is going on in your world.