Authorised Guarantee Agreements (AGAs)
Authorised Guarantee Agreements (AGA) are commonplace in leasing commercial property. They are a legally binding agreement aimed at protecting a landlord in the case where a tenant sells or assigns their lease to a new tenant. Under an AGA, an outgoing tenant can guarantee some or all of the obligations of an incoming tenant.
Ultimately, AGAs aim to strike a balance between the liability of a tenant who assigns a lease and to protect the landlord’s interests, if the new tenant proves unreliable and fails to meet terms of the lease.
It’s important that tenants entering into a lease of a commercial property understand the implications, risks and potential negotiating of the assignment of AGAs, and to carefully consider a lease that includes one.
If you’re wondering whether you should sign an AGA, how to negotiate terms, or for further advice on any matters regarding this type of commercial agreement, please get in touch with our team today and we will refer you to one of our partners specialising in commercial law.
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