Terms Before Price

Most negotiations fail before they begin.

Because operators negotiate price first.

Price is visible.

Terms are structural.

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Terms define:

• Downside protection
• Cure periods
• Exit flexibility
• Payment timing
• Governance control

Price without protective terms is ego negotiation.

Terms before price is architecture.

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In master lease structures, price can look expensive.

But if:

• Control is secured
• Option timing is engineered
• Cure periods are defined
• Performance thresholds are clear

Then structure dominates price.

Price becomes flexible.

Risk becomes contained.

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Operators obsessed with price miss leverage.

Operators obsessed with terms build durability.

Control before ownership begins in negotiation.