“You made your bed. Now lie in it!”
According to Psychology Today, there is no such thing.
Lisa Ferentz writes that this common childhood message is an affront to your basic rights as a human being: “Those rights include re-evaluating your choices and decisions in life, changing your mind and your course of action to match ongoing or changing circumstances.”
From a psychological perspective, the made-your-bed message has lost some of its validity. But when it comes to the letter of intent in commercial leasing, or LOI, the message comes through loud and clear.
Take the LOI seriously
This is the first tip in our guide for commercial lease negotiation: Take the LOI seriously. In general, the LOI is non-binding, but it makes the bed. It sets the stage.
At Corfield Feld LLP, one major aspect of our services in reviewing and negotiating shopping center leases is early review of the LOI, as well as ensuring that the terms of the lease match the terms of the LOI.
Why do we offer early review of the LOI and term match?
Simply put, once you sign your name as a tenant on the dotted line of an LOI, the commercial landlord won’t necessarily be willing to change its terms as negotiation moves ahead. And the landlord may object to adding terms to the final lease. In some situations, you could be locked in.
You make your bed with the LOI. Now you’ll have to lie in it. Hopefully, you’ve made it neat.