1. Term, renewal and the notice you get
How long is the agreement, and what happens at the end? A shop that has spent three years building a location cannot easily move, and a landlord who knows that has leverage at renewal. Push for a longer term or a clear renewal right with a defined escalation, and understand how much notice each side must give. A short agreement with no renewal clause is a rent negotiation you will lose every year.
2. Rent escalation, defined not assumed
Get the increase written as a specific percentage at a specific interval rather than left to be agreed. "As mutually decided" means an argument annually with your fixtures and your customers on the other side of the table. A defined escalation is worth accepting even if it looks slightly high, because it removes the uncertainty from your own planning.
3. The deposit and how it comes back
Shop deposits are often substantial, and the agreement should state clearly when and how it is refunded, what may be deducted and against what evidence. Get the condition of the premises documented at the start with photographs, because the commonest deposit dispute is about damage that existed before you arrived. Interest on the deposit, if any, should also be stated.
4. Permitted use and alterations
The agreement should permit the trade you actually intend, in terms broad enough to cover adding lines later. If you need to build a mezzanine, install racking, put up a board or make electrical changes, get that permission written in — along with whether you must restore the premises when you leave. A restoration clause discovered at exit can be expensive.
5. What happens if you have to leave
Understand the exit terms before you need them: notice period, lock-in if any, and whether you can assign the agreement or sublet if you sell the business. A lock-in with no assignment right means a shop you cannot sell as a going concern, which affects what the business is worth quite apart from the rent.
6. Registration and the paperwork it unlocks
A rent agreement is proof of address for GST registration, Shops and Establishments registration, a trade licence and your bank account, so it needs to be in the business name you intend to use and it needs to be acceptable to those authorities. Registration requirements for the agreement itself vary by state and by term. Have a lawyer look at it — the cost is small against a five-year commitment.