ICSC European Retail Property School The Law in Shopping Centers July 7-11, 2014 Scandic Potsdamer Platz, Berlin, Germany Avv. Claudio Cocuzza Cocuzza & Associati Milan, Italy www.cocuzzaeassociati.it The Law in Shopping Centers What do we want to achieve today? The Law in Shopping Centers Negotiation The Law in Shopping Centers Reliance General Contract Principles Formalities: Oral Vs. Good Faith Written The Law in Shopping Centers Commercial Correspondence Letters of Intent Side Letters Heads of Terms Steps to the Lease Lease Binding Offers Preliminary Lease The Law in Shopping Centers Letters of Intent (LOI)/Heads of Terms (HoT) Binding offers The Law in Shopping Centers Commercial People Key People in Real Estate Fiscal Counsel Negotiating Brokers SC Leases Legal Counsel: In-House Counsel Vs. Outside Counsel The Law in Shopping Centers Who should lead the negotiation? The Law in Shopping Centers Precontractual Liability The Law in Shopping Centers The Law in Shopping Centers The Law in Shopping Centers From: John Worthington "Honest John" Foulfellow [
[email protected]] To: Pinocchio [
[email protected]] Sent: July 7, 2014 Re: Shopping Center “Field of Miracles”, Catchfools Dear Pinocchio, Meeting you this morning was such an incomparable pleasure! I am so happy we got a deal!!! Please let me recap our agreement: -Premises n. A503; first floor; 123.99 sf -Use clause: toys - Hand-over: 30 days as of today -Term: 7 years -Walk out right: none -Rent: 7% T/O -Minimum guaranteed rent: GBP 100.000,00 + VAT -CAM: GBP 15.000,00 + VAT Please confirm asap the foregoing by replying to this e-mail.