What to Expect From the Terms of A Self-Storage Contract
When you rent a storage unit you're free to do with the space exactly what you like right? Well – not exactly. Many people don't realise that storage hire agreements come with many conditions, just like most other leases. For those who may have creative ideas about what to do with a storage unit, or for those who may be wondering what conditions they'll need to abide by, this article will explain many of the terms and conditions covered in a typical storage contract.
Payment Timeframes
Most storage facilities require up front payment for the first rental period. This period may differ between a fortnightly or monthly payment, however payment timeframe clauses will stipulate which day in the period rent needs to be paid. Some contracts may include consequences (such as late payment fees) for failing to meet payment timeframes.
Arrears and Payment Defaults
In each contract there will be information regarding to what to expect if payments are not made on time. Depending on the amount of monies owed or the time frame of overdue rent, storage facility owners may stipulate that they will recoup costs by selling goods after a certain period of no money being received or contact being made. The number of days in arrears may stipulate entry to the unit by the facility manager to dispose of goods and termination of the storage contract.
Liability for Damage
Despite every effort made to keep facilities secure and the contents of storage units free from damage, leaseholders typically store their belongings at their own risk. This common clause means that should any unforeseen fire, flood, or other issues including mildew, vermin or other damage is at the sole responsibility of the leaseholder. Storage insurance may be a solution for those who want to mitigate the impact of any unlikely loss or damage owners may experience.
Cancellation Clauses
Cancellation clauses cover the required notice period before the contract can be terminated, or may include a minimum period of hire that the storage unit must be leased for before the contract can be cancelled. Owners may also cancel contracts for serious breaches including illegal activity, which may include disposal of storage contents or surrendering property to the police.
Use of the Space
As their name suggests, storage facilities can only be used for storage. Despite how bizarre it might sound, this means that there's no living allowed in a storage unit, nor is it likely that the space can be used for other activities such as running a business. There are also certain sections under the use of space clause which detail which items are banned from storage (such as hazardous chemicals, illegal materials, plant or food material and stolen goods). It also usually means that units can't be assigned to other people, or the interior of the unit modified in any way.
Some terms may sound strict, but the rules associated with storage facilities are to protect each party and ensure everyone knows what to expect from the outset of the agreement. It always pays to carefully inspect and consider the conditions of your contract before signing on the dotted line. This means that if something is unclear, or if there is a condition that doesn't suit your circumstances you may be in a position to renegotiate the terms. The contents of each contract will differ depending on the storage company, and are not necessarily limited to the things mentioned above. Always seek specific details unique to the facility before choosing a self storage facility best suited to your needs.
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