Prior to opening your new restaurant you need to find the right location and negotiate a lease agreement. The first step of the negotiations is the offer to lease, typically referred to as the Letter of Intent (LOI).
What is a Letter of Intent?
A letter of intent ( LOI) is a document outlining the major deal terms to be incorporated into a restaurant lease agreement. Most Letters of Intent are non-binding and specify that only a mutually signed lease will bind either party.