Jurisdiction(s):
United Kingdom

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Side letter definition

What does Side letter mean? In funds practice, a side letter is a bilateral agreement between the fund (or its manager/GP) and a particular investor that gives that investor bespoke rights or clarifications to the fund documentation. It varies, supplements or waives terms as between those parties; it does not generally amend the limited partnership agreement, trust deed, instrument of incorporation or articles for all investors. Typical subjects include management fee or expense terms, enhanced reporting, regulatory or tax‑driven restrictions, transfer rights, excuse/opt‑out rights, and most favoured nation (MFN) provisions. Side letters are usually contemplated by the limited partnership agreement or subscription agreement and are enforceable as...

LTA 1954 renewals: side letters, personal concessions, risks & benefits

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When a tenant applies for a fresh business tenancy within the scope of the Landlord and Tenant Act 1954 (LTA 1954), any disagreement about the wording of that renewed tenancy is resolved by the court in line with LTA 1954, ss 32–35. In particular, LTA 1954, s 35(1) is central to how the court exercises its discretion when settling the clauses of a replacement lease. Although a tenant might invite the court to consider a side letter when fixing the terms of the new letting, a side letter is unlikely to secure the inclusion in the new lease of rights that did not feature in the previous instrument or earlier lease overall...

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Web page updated on 27/05/2026

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