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LOI LOL: Solid Letter of Intent Key to Reducing Legal Fees

LOI LOL: Solid Letter of Intent Key to Reducing Legal Fees

Commercial Leases, Contracts, Legal Fees, Letter of Intent, Negotiation
Business owners who lease retail, office, or other commercial space can help themselves save time, attorney's fees, and heartburn with their commercial landlord by agreeing upon the terms of a letter of intent ("LOI") before having their attorney draft or review a form of lease (or really any major contract). A situation recently came to our Phoenix business law firm which highlights the importance of getting an LOI mutually negotiated and agreed upon and, if possible, signed by the parties before taking it to a lawyer to prepare the lease. This retail tenant ("Tenant") wanted to enter into a new lease of Class-A shopping center space on a busy corner of central Scottsdale. Presumably to save some money, Tenant decided to skip using an attorney early on in the negotiations,…
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