Document background
The Letter Of Intent For Renewal Of Contract Of Lease is a crucial preliminary document used in Irish property transactions when parties wish to initiate the process of renewing an existing lease agreement. This document is typically employed when the expiration of a current lease is approaching and both parties have expressed interest in continuing their landlord-tenant relationship. It serves multiple purposes: documenting the parties' intention to renew, outlining proposed key terms including any modifications to the existing arrangement, and establishing a framework for negotiations. While non-binding in nature, it demonstrates commitment to the renewal process and helps prevent misunderstandings during negotiations. The document is particularly important in Irish commercial leases where formal renewal processes are common and where parties need to clearly document their intentions and proposed terms before proceeding with formal lease renewal documentation.
