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In the Spotlight: Pay Attention to the Work Letter
The work letter that is attached to a lease, particularly an office lease, is a very important part of the lease document. Because it is an exhibit, and because many leasing professionals are not especially well versed in construction issues, the work letter is frequently given little attention during a lease negotiation. Some inexperienced tenant representatives assume that the work letter is simply a boilerplate exhibit and that somehow, magically, the landlord will design and construct the space automatically following the lease execution, without any further hassle. This, of course, is never the case. The keys to any successful construction project are planning and communication. The parties need to decide well before lease execution what kind of work letter will be attached to the lease. Work letters come in many flavors, including turnkey, tenant improvement allowance, base building, and landlord as construction manager. It is very important for the parties negotiating the lease to understand who is designing the space, who is responsible for construction, and, perhaps most importantly of all, who is responsible to pay whom. It is equally important to document these points effectively. Unless the work letter is carefully vetted by someone with construction experience and integrated into the lease, the result is likely to be disastrous, particularly for the tenant.
William Crowe
The work letter that is attached to a lease, particularly an office lease, is a very important part of the lease document. Because it is an exhibit, and because many leasing professionals are not especially well versed in construction issues, the work letter is frequently given little attention during a lease negotiation. Some inexperienced tenant representatives assume that the work letter is simply a boilerplate exhibit and that somehow, magically, the landlord will design and construct the space automatically following the lease execution, without any further hassle. This, of course, is never the case. The keys to any successful construction project are planning and communication. The parties need to decide well before lease execution what kind of work letter will be attached to the lease. Work letters come in many flavors, including turnkey, tenant improvement allowance, base building, and landlord as construction manager. It is very important for the parties negotiating the lease to understand who is designing the space, who is responsible for construction, and, perhaps most importantly of all, who is responsible to pay whom. It is equally important to document these points effectively. Unless the work letter is carefully vetted by someone with construction experience and integrated into the lease, the result is likely to be disastrous, particularly for the tenant.
William Crowe
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.