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The owner of a local business wants to lease commercial property to use as a retail storefront or for office purposes. When she finds her ideal space, the landlord suggests an initial 10-year term. The potential tenant envisions staying in the space longer than that, so she wants to negotiate for the option to renew the lease at its termination. However, the landlord is reluctant to agree on a fixed amount of rent for the renewal term, as market conditions will undoubtedly change over the course of a 10-year period. So, how will the parties agree on the future rental amount?
By Terrence M. Dunn
Despite the apparent risks, relocation provisions are frequently not a potential tenant’s priority concern when negotiating the business points of a lease. This is a serious oversight. Signing a lease with an overly broad relocation provision can lead to many issues if the landlord elects to exercise its right to relocate the tenant.
By Alan Nochumson
Part Two of a Two-Part Article
By Gerald M. Levy
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player’s representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Contractual Allocation of Damage Risk Thwarts Insurer’s Subrogation Claim
Lacking Specifics, Lease Term Is Unenforceable