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Letter of Intent / Term Sheet for Office Lease

At a glance

Price: ₹99 · GST included
Stamp duty: This Term Sheet does not transfer, create, limit or extinguish any right, title or interest in the Premises — clause 8.3 says so, and excludes any grant of possession or of a leasehold or licence interest — so nothing in it attracts the stamp duty charged on a lease, whether the Premises are in the State of Punjab or in the Union Territory of Chandigarh.
Registration: Nothing in this Term Sheet requires registration.
Witnesses: Not required.

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Also called

Letter of Intent
LOI
LOI for Office Lease
Term Sheet
Term Sheet for Office Lease
Heads of Terms
Head of Terms for Office Space
Non-Binding Term Sheet for an Office Lease

Whether you can fill this in here

You can fill this in here

You can fill this one in on this site, and read the whole draft on screen before you decide anything about it. It is a carefully drafted template; it is not advice about your own facts.

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Why you need it

When you need it

A short paper recording what a prospective office tenant and a landlord have agreed in principle — the premises, the proposed rent, deposit, escalation, lock-in and term — before either side spends on lawyers drafting the full lease deed. Used after a site visit and a round of negotiation, once the broad numbers are settled, and before the lease deed itself is drawn. It is deliberately not the lease. The commercial terms it records — the proposed area, rent, escalation, deposit, fit-out period, lock-in and target term — do not bind either Party, and clause 8 of this Term Sheet says so in terms: nobody may sue the other for walking away from these numbers, and nothing here can be read as a promise to grant, or an agreement to accept, occupation of the Premises. What does bind the Parties from the day both sign — whether or not a lease deed follows at all — are three narrower promises: to keep the negotiation confidential, to give the Prospective Tenant a stated window free of competing offers if the Parties want one, and to settle who pays for due diligence and for drafting if the deal falls through. For premises in Punjab or Chandigarh where a full lease deed is intended to follow — Mohali IT City, a Chandigarh SCO or business tower, a Ludhiana office floor. Because it grants no interest in the Premises, it needs no stamp paper for the lease itself and no presentation to a Sub-Registrar; clause 10 deals honestly with the separate, much smaller question of whether the confidentiality, exclusivity and cost clauses are themselves a stampable agreement. Not for: a document either side actually wants to be able to enforce as a lease — use the lease deed itself, drafted early if the numbers are already firm; a coworking seat or managed office booking, which is a service and not a lease at all; an exclusivity or standstill arrangement with nothing yet agreed on rent or area, which reads more naturally as a short exclusivity letter on its own; or a residential letting, which has its own letter of intent in this library. Sign it, use the Exclusivity Period (if any) to finish diligence and negotiate the lease deed, and let this Term Sheet lapse into clause 8.4 the day the lease deed itself is signed.

See stamp duty, registration and witnesses

What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

This Term Sheet does not transfer, create, limit or extinguish any right, title or interest in the Premises — clause 8.3 says so, and excludes any grant of possession or of a leasehold or licence interest — so nothing in it attracts the stamp duty charged on a lease, whether the Premises are in the State of Punjab or in the Union Territory of Chandigarh. That duty is computed on the rent the lease deed itself states and is dealt with when that deed is stamped, not here. What clauses 6, 7 and 9 create is still a written, binding agreement between the Parties, on the narrower subject of exclusivity, cost allocation and confidentiality, and an agreement not otherwise specifically provided for is chargeable under Article 5 of Schedule I-A to the Indian Stamp Act, 1899 as it applies in Punjab and as it applies in Chandigarh — a fixed duty, not one computed on the proposed rent or deposit. Clause 10 records that position and directs the Parties to have the current Article 5 figure confirmed with the Collector of Stamps or a licensed stamp vendor before relying on clause 6, 7 or 9; see lawyerShouldCheck for why this template does not itself print a rupee figure for it.

Registration

Nothing in this Term Sheet requires registration. Clause 8.3 records that no lease, sub-lease, licence or other interest in the Premises is granted or agreed to be granted by it, so neither s.107 of the Transfer of Property Act, 1882 nor s.17(1)(d) of the Registration Act, 1908 is engaged, in Punjab or in Chandigarh, whatever period elapses before a lease deed is actually signed. The lease deed this Term Sheet targets is a separate, later instrument, and it is that deed — not this Term Sheet — that carries a registration obligation once its term and rent are fixed.

Notarisation

Not required. This Term Sheet is a contract the Parties sign, not a deed the Registration Act reaches, and neither Punjab nor Chandigarh practice calls for a document of this kind to be notarised before it takes effect. A Party that wants extra evidentiary comfort around the exclusivity or cost clauses may still have its signature notarised; that is a choice available to either Party and not a condition of this Term Sheet binding them under clause 6, 7 or 9.

Witnesses

Not required. The Indian Contract Act, 1872 asks for an offer, acceptance and consideration between competent parties, not an attesting witness, and this Term Sheet is signed rather than executed as a deed under seal. The signature block leaves space for a signing date on each side so that the Exclusivity Period in clause 6, if any, and the confidentiality period in clause 9.2, can both be measured from a date that is actually recorded, which matters far more here than a witness's signature would.

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LETTER OF INTENT / TERM SHEET FOR OFFICE LEASE

This Letter of Intent / Term Sheet (this "Term Sheet") is made at Chandigarh on 1 April 2026.

BETWEEN

Bhatia Commercial Properties Private Limited, an individual, of SCO 45, Sector 34-A, Chandigarh 160022, acting through Karan Bhatia, Director (the "Landlord");

AND

Zenbridge Software Solutions Private Limited, an individual, of Plot No. 12, Industrial Area Phase 8-B, S.A.S. Nagar (Mohali) 160059, acting through Ritika Sood, Chief Operating Officer (the "Prospective Tenant").

The Landlord and the Prospective Tenant are each a "Party" and together the "Parties".

RECITALS

A. The Landlord is the owner of, or is otherwise entitled to offer on lease, the premises described in clause 1 below (the "Premises").

B. The Prospective Tenant wishes to take the Premises on lease for its business, and the Parties have discussed and reached broad agreement on the commercial terms set out in this Term Sheet.

C. The Parties wish to record those terms in writing before instructing the drafting of a full, formal lease deed, so that both sides negotiate the lease deed from a common and current understanding of what has been agreed in principle.

D. The Parties record, and clause 8 states at length, that this Term Sheet is not itself a lease, an agreement to lease, or a document capable of being specifically enforced to compel a lease, and that only clauses 6, 7 and 9 bind the Parties before a lease deed is signed.

NOW THIS TERM SHEET RECORDS AS FOLLOWS.

THE PREMISES

1.1 The Landlord proposes to let, and the Prospective Tenant proposes to take on lease, the premises known as Third Floor, Tower A, Quark Business Park, Sector 74, S.A.S. Nagar (Mohali), situated at S.A.S. Nagar (Mohali), in the State of Punjab (the "Premises").

1.2 The Premises are proposed to admeasure approximately 8,500 square feet of carpet area, subject to joint measurement before the lease deed is finalised.

PROPOSED RENT AND ESCALATION

2.1 The Parties propose a monthly rent of ₹9,35,000 (Rupees Nine Lakh Thirty Five Thousand only) for the Premises, exclusive of GST, maintenance charges and statutory outgoings, all of which shall be dealt with in the lease deed.

2.2 The Parties propose that the rent shall increase by 5% of the then-current rent at the end of every 12 months of the lease term.

PROPOSED SECURITY DEPOSIT

3.1 The Parties propose an interest-free, refundable security deposit of ₹56,10,000 (Rupees Fifty Six Lakh Ten Thousand only), payable in the manner and by the instalments the lease deed states, and refundable on the terms the lease deed states.

PROPOSED FIT-OUT PERIOD AND LOCK-IN

4.1 The Parties propose a rent-free fit-out period of 45 days from the commencement of the lease term, during which the Prospective Tenant may carry out its fit-out without payment of rent, on terms to be settled in the lease deed.

4.2 The Parties propose a lock-in period of 36 months from the commencement of the lease term, during which neither party to the lease deed may terminate it for convenience, on terms to be settled in the lease deed.

TARGET TERM

5.1 The Parties target a lease term of 9 years, to commence on a date to be agreed once the lease deed is settled and ready for execution.

Questions about this document

Does the Letter of Intent / Term Sheet for Office Lease need stamp paper or stamp duty in Punjab and Chandigarh?

What clauses 6, 7 and 9 create is still a written, binding agreement between the Parties, on the narrower subject of exclusivity, cost allocation and confidentiality, and an agreement not otherwise specifically provided for is chargeable under Article 5 of Schedule I-A to the Indian Stamp Act, 1899 as it applies in Punjab and as it applies in Chandigarh — a fixed duty, not one computed on the proposed rent or deposit. Clause 10 records that position and directs the Parties to have the current Article 5 figure confirmed with the Collector of Stamps or a licensed stamp vendor before relying on clause 6, 7 or 9; see lawyerShouldCheck for why this template does not itself print a rupee figure for it.

Does the Letter of Intent / Term Sheet for Office Lease need registration in Punjab and Chandigarh?

What does the Letter of Intent / Term Sheet for Office Lease cost on Kaagazaat?

₹99, GST included.

Launch period: downloads are free for now. The prices shown apply once payments open.

Does the Letter of Intent / Term Sheet for Office Lease need witnesses?

Often needed with this document

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