What should a Coworking Space’s Agreement Include?

To define the concept of Coworking, one can say that it is a community wherein individuals from different professional backgrounds come under one roof to work on their individual projects, all while being able to socialize and share thoughts, ideas and new concepts and stories. It wasn’t too long ago when this concept came into existence, but is definitely a powerful one considering how fast it is impacting and changing the typical 9-5 work culture, to one that is more laid back and convenient for today’s generation. Coworking over the years has become so popular, that people who are a part of it consider it to be a social group rather than a workplace.

The whole idea of a Coworking space is "convenience". Millennials today believe that it is important to grow as an individual as important as it is to grow professionally. They believe that things like recreational activities, mental health, exploring new concepts and cultures are as important as is earning their daily share of bread and butter. Today, even a person who may lean more towards the passion of work over other factors, believes that it is important to network and socialize in order to grow professionally.

We can all agree that the last two decades have probably seen the maximum amount of changes and growth, be it in terms of technology, medicine, health and wellness, etc., and now so has the concept of working. People these days believe in providing quality work over quantity work, which is why gig workers are very common these days.

Coworking spaces in a country like India are very good for gig workers and start-ups for a number of reasons. Firstly when talking about startups, they serve as small office spaces that can be taken on rent, since most startups do not have the required amount of funds that are needed to invest in a place of their own. Also considering the risk involved in small projects like these, the amount of time they may run for is questionable. In such a situation, Coworking spaces come to the rescue. Coworking spaces serve as a good office environment for freelancers and independent professionals and help them network and socialize in order to avoid the mundane way of working from home, where one may tend to feel alienated.

Let’s now have a look at what factors to consider in a Coworking agreement:

The contract should be flexible: A Coworking space will always include various people of various posts and backgrounds. They may be freelancers, independent professionals, or a group of startups, who may want to stay for just a few days or even a couple of years. Therefore, the contract should be flexible enough to be able to cater to the requirement and convenience of all working individuals in general, and should not be specific to one kind. For example, a Coworking Space in Bangalore which is the hub for startups that has fixed timings may suit the group of people working together on that one project but may cause inconvenience to a freelancer.

Services provided by the Coworking space: The services provided by the Coworking space will depend on the type of plan one chooses. For example, the services provided to those who opt for a dedicated desk will differ from those provided to individuals who choose a hot desk. Along with the specifications and details of each plan, even basic or common facilities such as Wi-Fi, Housekeeping services if any, power backups, cafeteria services, etc., should be mentioned to avoid chances of discrepancies from occurring in the future.

Code of Conduct: Now this is a term that is beneficial to the organization more than it is to the individual. It is important to mention the code of conduct within the premises, that clearly states what is acceptable and what isn’t in that particular Coworking space. It is a good idea to mention the unacceptability of prohibited activities to steer clear of falling in trouble in case an individual is caught using the premises as a place to indulge in illegal activities.

Duration and notice period: The time period that’s agreed upon between the individual or group and the organization, after which one must seek a renewal which may include change in terms, should clearly be stated. Also, the notice period that one needs to serve in case of discontinuation or termination before the end of the given duration should be mentioned.

Renewal: Terms of renewal such as the time period after which a renewal will be required, an advance booking or confirmation before the date of renewal incase the renter wants to continue, any possible changes in prices, etc., should be mentioned in the agreement.

Payment Terms: It is advisable to include a breakdown of the prices in the agreement and be specific about how much one will charge for the facilities and amenities provided. It should be specified since it will be unfair for the individual to be charged extra even though he/ she was earlier promised a different price.

Confidentiality: Due to a communal set up, it is important to have this condition in the agreement to avoid confidential information that both parties have agreed to from being spread around, since specific clauses (such as price sensitive ones) may differ for each renter.

Be it a Coworking Space in Hyderabad or a Coworking Space in Kuala Lumpur, in order to experience a smooth journey, it is important for both parties to be aware of the clauses that are mentioned in the contract. When these terms are stated and are clear between the renter and the organization providing the space, one can enjoy this idea of convenience of work, even more conveniently and without much hassle.

I am a content writer working at Unispace who provides office spaces for rent in Bangalore.