The Non-Binding Letter of Intent To Purchase Business is a crucial preliminary document used in Belgian business acquisitions to outline the proposed terms of a potential transaction before proceeding with detailed due diligence and definitive agreements. It serves as a roadmap for negotiations while explicitly maintaining its non-binding nature, except for specific provisions like confidentiality. Typically used after initial discussions but before detailed due diligence, this document helps align parties' expectations and provides a framework for the transaction process. Under Belgian law, while the document is primarily non-binding, certain principles of good faith in negotiations must be observed. The letter typically includes proposed purchase price ranges, transaction structure, timeline, due diligence scope, and any exclusivity arrangements.
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1. Sender and Recipient Details: Full legal names and addresses of both parties
2. Date: Date of the letter
3. Subject Line: Clear indication this is a Non-Binding Letter of Intent
4. Introduction: Brief introduction of the parties and purpose of the letter
5. Target Business Description: Clear identification and description of the business being considered for purchase
6. Proposed Transaction Structure: Outline of the proposed purchase structure (asset vs. share purchase)
7. Purchase Price and Payment Terms: Indicative purchase price range and proposed payment structure
8. Due Diligence: Outline of the proposed due diligence process and timeline
9. Key Conditions: Major conditions that would need to be satisfied for the transaction to proceed
10. Timeline: Proposed timeline for due diligence, negotiations, and closing
11. Non-Binding Nature: Clear statement that the letter is non-binding except for specific provisions
12. Binding Provisions: Specific provisions that are intended to be binding (confidentiality, exclusivity if applicable)
13. Next Steps: Outline of the immediate next steps in the process
14. Closing: Signature blocks and formal closing of the letter
1. Exclusivity Period: Optional section requesting exclusive negotiation rights for a specific period - include when exclusivity is desired
2. Break Fee: Optional section specifying any break fees - include when there's significant due diligence cost
3. Employee Matters: Optional section addressing key employee retention or transition - include when employee retention is crucial
4. Financing: Optional section outlining proposed financing structure - include when financing arrangements are material
5. Key Asset Schedule: Optional section listing key assets included - include when specific assets are crucial to the deal
6. Regulatory Approvals: Optional section addressing specific regulatory requirements - include when regulatory approval is significant
1. Schedule A - Key Assets: Preliminary list of key assets included in the proposed transaction
2. Schedule B - Initial Due Diligence Request List: Preliminary list of documents and information required for due diligence
3. Schedule C - Proposed Timeline: Detailed timeline with key milestones and deadlines
4. Schedule D - Confidentiality Terms: Detailed confidentiality provisions that are binding
5. Appendix 1 - Corporate Structure: Current and proposed post-transaction corporate structure diagrams
6. Appendix 2 - Key Terms Summary: Summary of key commercial terms for easy reference
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