Looking for a co-working space in Gurgaon? Well, hold your horses because you need to stay steady when looking for a working space for your business or startup.

A recent article by Economic Times states that there are around 400 co-working centers across the country today, compared to just 30 odd centers in 2010. All these collaborative offices have witnessed an incredible growth all across the globe, however the concept is still relatively new in India; all the more gaining grounds in the start-up community pan-India.

Because of the flexibility that these centers afford, they are quite easy to get into and have almost no exit barrier, assuming that the tenant understands exactly what they are getting into before signing that agreement for a co-working space in Udyog Vihar.

Let us go through the pointers that one should consider before signing an agreement for a co-working space in Gurgaon:

  • Security Deposit

If you are an emerging entrepreneur, possibilities are hat renting a work space is perhaps going to make the biggest hole in your pocket, not to mention the tight cash flow that you may have to maintain. Renting almost any real estate, comprises of maintaining a security deposit where you don’t even earn any real interest on the amount, and so it is your best interest to have it at a minimum amount. The security deposit usually ranges from one month to three month of rental amount, and always comes tax free.

  • The Nature of Agreement

The agreement for a co-working space in Udyog Vihar is almost always leave and license arrangement. Well, there is a difference between lease and leave & license agreement, the former encompasses leasehold rights within the premises, however the latter only provides you a mere permission to use. However the ownership, control, and rights in relation to the cabin will at all times vest with the owner. But you as a client can utilize the services. Also the agreement must also clearly state the duration and validity of a service agreement.

  • The Insurance Factor

As a client, it is always better off in arranging an insurance of your own property and assets that you may bring in the Centre, and need not insure the premises or anyone else’s property. They will take care of it on their own. Also, it is highly recommended that the center maintains a proper CCTV recording, and have a decent access control and security installed; something that you might not find in the agreement of your co-working space in Udyog Vihar.

  • Property Usage

This is perhaps one of the most essential points, and should be laid down clearly in a fixed arrangement, mentioning the access timing of the workspace and days of the week. Additionally, agreement should clearly mention about the internet access & usage, including the policies to curb illegal downloads or infringement of copyright or trademarks.

  • The Due Date and the Notice Period

It is always satisfactory to get into a lease agreement wishing all well; however, sometimes things don’t go your way. Hence, it is essential to keep in mind the monthly membership due dates, usually the 1st of each month or any late payment charges applicable. Moreover, one should also know the way out, generally serving a month’s notice period.

Remember that although there is no single silver bullet that will assist you make the cut, but all the above pointers will undoubtedly cover you from many potential headaches. Obviously, it is always recommended to go through the full agreement, or it will be even better to seek a lawyer’s opinion.