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The corporates and businesses across the globe run th eir establishment by paying rent for the facilities they lease or running them on their properties/ real estate. Some of the corporates also rent out the facilities they own, which acts as a passive source of income for them. This whole set of processes and procedures is coined under the term lease administration and comes under the department of real estate of the organization.  Global lease administration of the corporates and business involves the management and monitoring of the rental payments, modifications or changes done by the tenants in the terms, and handling the amendments in the lease. While these chores may be done internally or can be outsourced, outsourcing is the most feasible and efficient option for bigger businesses. Why outsourcing is better?  As the global lease administration involves numerous transactions in the organization’s portfolio, the complexity rises exponentially. To eradicate this ...

Going through voluminous books and records of a lease agreement is indeed very hectic, which is easily eradicated through lease abstraction. Lease abstraction is a process of reprodu ction of the quintessential and useful information, buried in hundreds and hundreds of pages of the agreement. This document or lease abstract can be easily customized as per the request of both the parties, containing whatever information they deem important such as rental terms, notice periods or even critical dates. What are the critical dates? In layman’s tone, those dates which are of high importance to either of the parties can be termed as critical dates. They include any commencement date, renewal date, termination date, or even a rent payment date. Failing to take respective actions on these dates may result in the imposition of heavy penalty and even legal suits. Hence, they are termed as critical dates. Types of critical dates: For a very efficient and effective real estate, business...

What is L1 Visa? Many employers/professionals in the USA require highly skilled professionals to come to the US and escalate the growth of their business.   To aid in this aspect the concept of L1 Visa was introduced by the US govt. This visa is a kind of non-immigrant visa that allows foreign companies to transfer employees. The employees who are granted this kind of visa are generally the ones having specialized knowledge in their respective fields. Classification of the L1 Visa: The L1 visa is broadly classified into two types: L1A type: This type of visa is granted to the mangers and executive people of the company. Business owners also avail of the benefits of this visa program. The tenure of this visa is initially up to three years which can be extended up to seven years. In case of a new US entry, the L1 visa is issued for 1 year. L1B type: This type of visa is issued to the employees possessing special knowledge in their respective fields. The tenure of this vi...

Outsourcing of legal writing? People seem to be perplexed with the idea that legal writing can also be outsourced. Outsourcing is the process of procuring goods and services from another party or supplier. That party or supplier doesn’t belong to the providing party or firm. Nowadays legal research and writing are outsourced too, paving the way for the development of the businesses by leaps and bounds. Why legal writing should be outsourced? By outsourcing the legal writing and research, the firm can minimize the time and labour required in the process. While legal research and writing may require minimalistic to enormous efforts in research and writing, it is largely dependent on the skillset of companies and the time invested by them. Through outsourcing, the cost can also be minimized leading to more profits in a very competitive era. Benefits of outsourcing of Legal writing: •    Cost- Saving: Some of the firms may feel how outsourcing can minimize the cost,...