Real Estate/Development,
Contracts
Jan. 23, 2023
Letters of intent for commercial leases - lessons learned from the Amazon case
Non-breaching parties to a letter of intent may have a claim for costs incurred in reliance on that promise if that promise is breached.
Letters of intent are commonly used in commercial leasing transactions. Typically, landlords and tenants do not intend for the letter of intent to be binding. Occasionally, however, the parties may wish to agree to exclusively negotiate with each other for a period of time and during that period, the intent is that this element of the letter of intent would be binding. But, what happens when one of the parties to the letter of intent violates an agreement to exclusiv...
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