This is a document containing the key terms that have been negotiated between the landlord and tenant for a new commercial tenancy. This includes the extent of the premises, length of the lease term, annual rent, rent review, break rights, service charges, insurance, and repair and alteration obligations. It will also include special conditions, including any contributions the tenant will make to the landlord’s costs. Whilst it is a written record of what has been agreed, it is not a legally binding document, and the terms (which will form the lease) can be varied at any time before the lease is entered.