Making MOU’s, LOI’s, and Term Sheets Great Again

Making MOU’s, LOI’s, and Term Sheets Great Again

Commercial Leases, Contracts, Letter of Intent, Negotiation
On Friday, President Trump made some not-so-fake news by openly clashing with United States Trade Representative Robert Lighthizer in front of both China's Vice Premier Liu He and members of the gathered press in the Oval Office. The exchange was recorded on tape and can be viewed below: As Lighthizer was explaining the latest MOU (or "Memorandum of Understanding", i.e., the basic legal framework of any trade deal with China), Trump interjected, “I don’t like MOUs because they don’t mean anything. To me they don’t mean anything. I think you’re better off just going into a document. I was never … a fan of an MOU.” Lighthizer, who perhaps has been living under a rock the past two years and one month, foolishly attempted to correct POTUS, explaining that MOUs…
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Due Diligence Essential for Businesses When Leasing Space

Due Diligence Essential for Businesses When Leasing Space

Commercial Leases, Contracts, Real Estate
All too often in the commercial real estate world, we think about due diligence strictly as it applies to the purchase of commercial property or land. However, doing thorough due diligence can be just as important for a business looking to lease commercial space (whether office, retail, or industrial). A recent case that came to our office illustrates this. The tenant was a business looking to move into an older yet upscale retail shopping center in North Scottsdale. The tenant had been unhappy in their current location and with their current landlord and its property manager for many years. They were eager to move and the space at issue was a second floor one in the shopping plaza they had been dreaming about moving to for awhile. The tenant's business…
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