What to Expect When Requesting Payout Agreement
Depending on what kind of business you run, the slowdown in consumer spending could be directly affecting your bottom line—which may make dealing with unexpected increases in year-end operating expenses more painful than usual.
In general, most owners are also feeling the financial pinch. Therefore, if you're struggling to pay the rent, chances are, your owner would rather work with you than have to evict you. One option that has consistently worked for both tenants and owners in this situation is the “payout agreement,” says New Jersey attorney Marc L. Ripp.