Like a bale without twine, unwritten agreements can quickly fall apart.
That’s why we advise agricultural producers to formally document their leases even though there is generally no strict legal requirement for an agreement to be in writing. Whether the parties involved in a lease agreement are trustworthy or not, clearly and carefully outlining terms helps limit potential problems down the road.
In this article we tackle some common misconceptions and outline the many benefits of formal lease documentation. After all, clarity for your business is important, and clarity and certainty are some of the major benefits of having a thoughtful and documented lease. If you have questions about your lease, please feel free to consult a member of our agribusiness and food practice group for advice and guidance.
This article was prepared with the assistance of summer student Sarah Hoag.
Note: This article is of a general nature only and is not exhaustive of all possible legal rights or remedies. In addition, laws may change over time and should be interpreted only in the context of particular circumstances such that these materials are not intended to be relied upon or taken as legal advice or opinion. Readers should consult a legal professional for specific advice in any particular situation.
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