The benefits of the PropDox agreement templates
How are the PropDox agreement templates different to traditional agreements? What are the benefits of using PropDox to generate your agreements? These are questions that we often get asked so we thought we’d set out the benefits of the PropDox agreement templates.
Commercials are separated from the general terms
There are usually two separate documents. For example, the Lease Agreement is made up of an Offer to Lease and the Legal Terms. All the commercial terms or variables are in the Offer and all general terms are in the Lease Terms - no commercial terms or variables are in the Lease Terms. This has numerous benefits. Landlords can present only the short Offer to the prospective Tenant and therefore sign the Tenant up faster without getting into a protracted negotiation. It is not necessary to conclude a further Lease Agreement after an Offer has been accepted. The commercial terms, which are of most interest, are easy to find. Amendments only have to be made to the Offer, reducing the number of mistakes and unauthorised amendments. Tenants also think that the Lease Terms are not negotiable. The Lease Terms do not need to be signed or initialled by the Tenant - they are incorporated into the Offer by reference. It is faster and easier to conclude a Lease Agreement.
Words are defined in commercials
Words are mainly defined in the commercials (in the Offer to Lease in the example of a Lease Agreement) rather than the general terms (in the Lease Terms in the example of the Lease Agreement). It is easy to find and determine what the important words mean without having to refer to the general terms.
Shorter but more comprehensive
The PropDox agreement templates are shorter but more comprehensive. Almost all situations that may arise are dealt with. The clauses are only left justified. The terms are easier to read because irregular spaces are not inserted between words.
Answers
Default, alternative or optional answers are included in the web interviews making drafting fast and easy. The drafter knows which wording is best practise and is aware of all the options.
Witnesses
Witnesses can sign on the cover page which means that witnesses know where to sign and it is easier to prove that there is a binding agreement.
Order of clauses
The order of the clauses has been rearranged to mirror the sequence in which they will actually occur in real time. Terms are easier to find and the agreement is easier to read.
Tags: answers, benefits, clauses, commercial terms, definitions, general terms, Offer to Lease, Templates, witnesses