Agreements, Offers, Letters of Intent and Other Forms of Commitment
Jun 21, 2000 | Article
Written by Jeanne Banka
Lorman Education Services - Commercial Landlord and Tenant Law in Ontario
It is in the interest of both the landlord and the tenant to reduce their agreement upon the basic terms of the tenancy to some form of writing as soon as possible and preferably prior to the expenditure of any significant amount of money on the part of either party.
The decision to use either a non-binding letter of intent, a binding letter agreement or a formal offer to lease will be determined by the prevailing market conditions, the nature of the project (development or operations), the strength or desirability of the project, the availability of time, the requirements of lenders...
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