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A commercial lease contract is a legal document that outlines the terms and conditions for leasing business premises, involving a landlord and a business rather than a residential landlord and tenant. A written contract is crucial for ensuring both parties agree to and understand the terms. For drafting a rental agreement for retail, office, or industrial space in North Carolina, the video provides tips for creating a commercial lease. However, it also advises seeking specific legal advice from a lawyer or real estate manager for any questions. The contract includes obligations of both parties and is a legally binding commitment.