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Measure the Premises Twice: Cut the Deal Once
Fans of the television shows This Old House and The New Yankee Workshop know that master carpenter Norm Abram repeatedly cautions his viewers by reciting the age-old adage: 'Measure twice, cut once.' Well, the same holds true in the commercial real estate context, but in a slightly different form. Landlords should measure their premises 'twice' (figuratively, if not literally) even before a letter of intent is negotiated and signed. For purposes of this article, the phrase 'measuring the premises twice' is not intended to mean that landlords should actually measure their premises two times; rather, the phrase is intended to convey the notion that landlords should accurately measure their premises early on in the process, and should not rely on old measurements or drawings. Measuring the premises in advance of the letter of intent can help to avoid backtracking on points and re-negotiating the business deal during the lease negotiation process.
Reliance on Old Drawings and Measurements
It is not uncommon for the landlord's leasing representatives and brokers to rely on old drawings and measurements in quoting the square footage contained in certain premises to prospective tenants ' especially in older shopping centers which may have changed hands several times since they were initially constructed. While relying on such drawings and measurements is perhaps natural in the fast-paced, time-constrained environment that leasing representatives and brokers operate under, it can lead to some unexpected financial consequences for the landlord.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?