The payment date is usually stated in the lease agreement
When you enter into a lease agreement, whether it be for an office, a vehicle, a copier, or anything else, it will lay out all of the terms of the agreement. One of the terms you’ll usually find in a lease contract is the date on which payments are due. Assuming a payment due date is explicitly listed in the contract, this is the lease payment date. If there is no payment due date stated in the contract, then the lease payment date is simply the date on which the actual payment is made.
Example:
Let’s say you’ve entered into a lease agreement for a new office space. Along with the other terms laid out in the contract, it states that the payment due date is the first of each month. Because this date is explicitly listed in the contract, this is the lease payment date.
Even if you choose to pay your rent a few days early one month, the lease payment date is still the first of the month. However, if the lease doesn’t state a payment due date, the lease payment date is the date on which you make your rent payment.
What’s important here?
If you’re entering into a lease agreement, it’s critical that you understand whether a lease payment date is stated in your contract since this is usually the case. If your lease does state a specific payment date, and you fail to make your payment by that time, you could be in breach of the contract. Not only could this result in late fees or interest, but it could also give the other party in the contract cause to back out of the agreement.
