Document background
The Letter Of Intent Strategic Partnership is a crucial preliminary document used in Austrian business practice when companies intend to form significant business collaborations. It serves as a structured way to document the parties' intentions and outline key commercial terms before investing substantial resources in detailed negotiations and due diligence. While governed by Austrian law, particularly the ABGB (Austrian Civil Code) and commercial regulations, it typically maintains a non-binding nature except for specific provisions like confidentiality and exclusivity. This document type is particularly valuable in complex cross-border transactions, joint ventures, or significant business collaborations where parties need to align their expectations and document their preliminary understanding before proceeding with detailed negotiations and documentation.
