Restaurant Leases – Tips for Tenants - By Chris Bartlett
You’ve found an ideal property in which to set up your restaurant and you can almost smell the aroma of your business’ success. You can’t wait to get started. The last thing you probably feel like doing is wading through the legal issues. Unfortunately, this is a necessary evil. Get your lease terms right you will reap the benefits.
Like most people who open a new restaurant, you’ve probably decided that you will be renting the property (at least to start with) as you probably don’t want to waste valuable cash on buying the freehold. So, the first thing you’ll probably need to do is negotiate the main lease terms. Landlords and agents call these terms the ‘Heads of Terms’. They’re not binding, but they do set out the structure of the deal, so it’s well worth spending the time getting the heads of terms right.
Here are some important points that you should consider including in the heads of terms:
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