Commercial Real Estate

Commercial Lease Letter of Intent (LOI) Basics

In an earlier post in our understanding your commercial lease series, we discussed the value of hiring a broker and briefly discussed letters of intent. We have had many questions about letters of intent recently, so I am taking a quick detour to address this topic in more detail. I hope this post helps to shed light on what a letter of intent is and why it is an important part of understanding your commercial lease.

What is a commercial lease letter of intent?

A letter of intent (LOI) is a document that includes the important terms of the commercial real estate leasing deal and consolidates those terms in writing prior to the commercial lease being prepared. The letter of intent is designed to...

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Business Startup

Understanding the Principled Negotiator

A principled negotiator is open to the view that there are bigger or better opportunities and solutions, and collaborative negotiations allow an opportunity to explore mutual interests. The principled approach was first made famous in Roger Fisher and William Ury’s conflict resolution book, Getting to Yes. Fisher and Ury described the four fundamental rules for principled negotiations:

1. Separate people from the issues. For this approach to work, you’ll have to learn to separate your emotions from the negotiation. Your emotions will inevitably become tangled up with the substantive issues of the task at hand. Once emotions come into play it’s hard to think rationally; we often act differently or say things we wouldn’t have said otherwise. Coming to an agreement will be that much...

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