Growing and expanding is commonly viewed as a positive step in the life of a company. A furniture company recently purchased a 13.13 acre piece of land in Baton Rouge for $3 million. The company plans to build a furniture store at the location. The purchased land is approximately one half mile from the company's current store where it has been leasing a 55,000 square foot building. The company acquired the lease when it bought out a furniture store at the location is currently occupies. The lease expires in 2016. It is possible that another retailer will lease the 55,000 square foot building.
Breach of contract and contract disputes are typically unwelcome, however, sometimes the circumstances of a business or company can change. While it is certainly important to know how to properly and effectively negotiate, draft, execute and enforce a contract, it can also be helpful to be aware of how to defend against a breach of contract claim.
The commercial real estate closings process can seem daunting, however, knowledge of the process and the proper guidance throughout the process can help make it more manageable and successful. At times, caution and special diligence are required which is why it is important to be familiar with the complete process prior to embarking on a commercial real estate transaction.
Many companies and individuals use contracts to govern their business relationships. Because of the important role contracts play in the daily lives of businesses and individuals, it is important to understand how to properly negotiate, draft and execute contracts.