General Questions:
How does licensing differ from signing a lease?
A license agreement is not the same as a lease. Licensing space offers many of the same benefits, with significantly less risk and time commitment to both parties. License terms are typically month-to-month, and can last for a couple of months, or many years, as long as both the licensor and licensee agree to continue.
What are the costs and fees associated with licensing a space with Practice Nomad?
Pricing and fees can be found on our pricing page.
What is the term length (in time) of a license agreement?
Our licenses are month-to-month until termination (see below).
Can I terminate the license without cause?
Yes. Our standard license agreement allows for termination without cause, with 30 days written notice. This ability applies mutually, for both the licensor and licensee. See your license agreement for details.
Do I need to contact my agent/broker when considering licensing a space through Practice Nomad?
No, there is no need to involve brokers or agents.
Will I need to consult an attorney before entering into a license agreement?
It is your right to have an attorney review your license agreement. We do our best to simplify the process and protect all parties, so that attorneys can be avoided.
Who is responsible for cleaning the office?
The licensor is responsible for having the office cleaned. Similarly to the utilities costs, this is something that separates a licensor from a landlord, they must cover this cost as apart of the license agreement.
Is there an eviction process associated with termination?
There is no eviction process. For example, a licensee is provided notice of termination should start preparing as use of the licensed space will be forbidden after the term specified in the license agreement, typically 30 days.
Questions for Licensees:
Am I responsible to pay for utilities?
Several utilities are typically included with the monthly license fees, including heating, electricity, air conditioning, water, etc. Other utilities may be included, depending on the details of the license agreement, such as Internet and telephone services. Please refer to your license agreement for details.
What costs should I anticipate in addition to the monthly licensing fees from Practice Nomad?
Licensing costs are typically all-inclusive, though depending on the details of your license, the use of certain devices, utilities, etc. may not be included. Please refer to the details of your license agreement.
What if I see a space I'd like to reserve, but I don't need all the days/times that are being advertised?
If you like what you see, then you have nothing to lose by reserving the space. In most cases, licensors list all the days that the space is available, but are happy to license it to you for a subset of those days, and often at a reduced cost, accordingly. If you end up licensing the space for a lesser amount than its original advertised rate, then all charges will be based on the final negotiated price, and not the original advertised price. Furthermore, if you don't ultimately license the space, you will not be charged at all.
Once I reserve a practice space, what are the next steps?
Once you have reserved your new practice space, we work with you and the licensor to confirm licensing terms and finalize your license agreement. This may involve emails, phone conversations, typically an office visit. Once your new practice space is licensed, you are ready to begin using the space, according to terms of your agreement.
Can I cancel a reservation if I change my mind?
Yes, you can cancel a reservation if you change your mind and decide you don’t want to pursue licensing the practice space. In this case, you will not be charged.
If my reservation is canceled, will I receive a full refund?
Yes, the fees authorized at the time you reserve a practice space are reversed if the reservation is canceled.
How much time do I have to commit to a license once I reserve a practice space?
Once you reserve a space through Practice Nomad, you will have exactly one week to complete the process of licensing your space. That should give you enough time to visit the practice and finalize details. After one week, if the license agreement is not executed, your reservation will typically be canceled unless we confirm an extension of the reservation period (see below).
May I request an extension if I need more time to work with the licensor to finalize a license?
Yes, if you need more time to finalize the details of your license agreement, we can extend the reservation.
Questions for Licensors:
What happens if a Licensee cannot make a payment?
If the licensee does not pay by the due date, Practice Nomad will notify them immediately that they are outstanding. If the fees are not paid by the due date may be charged a late fee. Please refer to the Platform Services Agreement for details.
What happens when a Licensee has confirmed the listing, who is the main point of contact?
Practice Nomad will prompt both parties to communicate with one another. Practice Nomad will act as a liaison
What mechanism is there to ensure that the space that we are the leaseholder of is protected, both physically and legally?
The licensee will be required to have a business liability insurance policy naming this specific location as a covered facility, as specified in the license agreement.
If we choose to allow our equipment to be utilized as apart of this license, what assurances do we have that it will be treated properly?
In the event of mistreatment, the business liability insurance may be utilized to cover any damages.
Who is responsible for the utility costs of the space when the licensee is occupying the space?
As a Licensor and in most cases the leaseholder, you are responsible for covering all utility costs. This is a distinguishing factor between licensing and leasing. The costs of these services will be represented in the monthly licensing cost paid by licensee.
Is there any deposit due upon confirmation that a Licensee will be taking the space?
The licensee will need to pay a one-month deposit as well as a one-time fee equal to half the monthly recurring licensing cost upon confirmation of agreement.. For example, if you are licensing a space for $2000, then you will have to pay a deposit of $2000. This is returned to the licensee upon termination of the license agreement, as per the specified terms.
Who pays for office/medical/dental supplies used within the office?
The licensee is responsible to pay for all the supplies they use during the time they are utilizing the space, unless otherwise set forth in the license agreement.
Do I need to get the landlord's permission to enter a license agreement?
As licensor if you are not the owner and are a leaseholder, it will depend on your specific lease as to the requirements. However, it is very common to need written permission from landlord or owner to officially enter into the license agreement.
How much time and/or space must be dedicated to a listing?
While there is no minimum amount of space that can be listed, the more narrow the facility the less likely it will be to be reviewed and ultimately licensed. Each listing should offer at least one day per week that a potential licensee may utilize the space.
How do we get paid each month?
Practice Nomad is your collection agent as licensor. Practice Nomad collects the license fees each month, and in turn pays the licensor, minus fees.