- Bailee
- The party (typically the storage provider) who takes temporary possession of another person's property under a contract, without acquiring ownership.
- Bailor
- The party (typically the customer) who entrusts their property to a bailee for storage or safekeeping.
- Lien
- A legal right the storage provider holds over stored goods, allowing the provider to sell the goods if the customer defaults on fees β subject to statutory notice requirements.
- Liability Cap
- A contractual ceiling on the maximum dollar amount the storage provider can be held responsible for in the event of loss, theft, or damage to stored property.
- Indemnification
- A clause requiring one party to compensate the other for losses, damages, or legal costs arising from specified events β typically the customer's negligent use of the space.
- Access Hours
- The specific times during which the customer is permitted to enter the storage facility or unit, as defined in the agreement.
- Holdover Tenant
- A customer who continues to occupy a storage unit after the agreement's end date without entering a renewal β typically subject to higher rates or immediate termination.
- Prohibited Items
- A list of goods the customer is barred from storing, including hazardous materials, flammable substances, perishables, and illegally obtained property.
- Abandonment
- When a customer vacates or stops paying without notice, leaving goods behind β triggering a statutory process before the provider can dispose of or auction the property.
- Bailment
- The legal relationship created when one party temporarily transfers possession of personal property to another party for a defined purpose, without transferring ownership.
- Force Majeure
- A clause excusing a party from performance obligations due to events outside their control, such as natural disasters, fire, or government-ordered closures.