By Daniel A. Suckerman ( January 29, 2018, 4:05 PM EST) -- Term sheets are an essential component of the preparation and negotiation of any office lease. Term sheets are typically prepared by the parties' respective brokers, and sometimes with, but more often without, the benefit of counsel. This article highlights certain aspects of term sheets that are too often left off or not given sufficient attention, with the parties instead relying on lease negotiations to flesh out the details. The tenant proceeds at its peril with this tactic. Often the tenant has strong (or stronger) bargaining power when negotiating the term sheet, rather than when the parties are mid-stage or late into negotiations with sunk transaction costs and time. Further, if a material business term cannot be resolved during lease negotiations, and the tenant is forced to walk away, it will have incurred potentially significant unnecessary transaction costs....