Disaster Clause
Grazing leases should include a clause that covers how grazing pressure will be reduced in response to drought or other natural disaster. Specify who will make the decision to reduce stocking rate and how the decision will be made.
Put it in Writing
You should have a written lease agreement. That written agreement should include everything that you discussed during lease negotiations.
Pasture Rental Arrangements for Your Farm
Ag lease 101 is a great website with many resources related to leasing, including a publication called "Pasture Rental Arrangements for Your Farm." The publication covers in-depth many of the steps in arriving at an equitable lease arrangement. It contains a template lease form that you can use as you develop your own agreement. If you aren't able to access it online, your local extension office is happy to help.
Get Legal Counsel
Pasture leases are binding agreements. It is important to get legal advice before entering into any legally binding agreement.
A recent video titled "Pasture Lease Agreements" further explains the important aspects of a grazing lease agreement.
Source: University of Nebraska