The Letter Of Intent Business Purchase is a critical preliminary document used in Canadian business acquisitions to establish the foundation for negotiations and due diligence. It serves as a roadmap for the transaction, outlining key commercial terms while typically maintaining a non-binding nature except for specific provisions like confidentiality and exclusivity. This document is particularly important in Canadian jurisdictions where both federal and provincial laws may apply to the transaction. It's commonly used when parties have agreed in principle to a business purchase but need to formalize their initial understanding before proceeding with detailed due diligence and definitive agreements. The LOI helps parties align their expectations early in the process and can be used to secure financing or regulatory approvals. It typically precedes the more detailed purchase agreement and includes essential elements such as purchase price range, transaction structure, due diligence requirements, and anticipated timeline.
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1. Parties: Identification of the prospective buyer and seller, including full legal names and addresses
2. Background/Introduction: Brief context of the proposed transaction and purpose of the LOI
3. Definitions: Key terms used throughout the document
4. Transaction Overview: High-level description of the proposed purchase, including whether assets or shares are being acquired
5. Purchase Price: Proposed purchase price or price range and payment terms
6. Due Diligence: Outline of the due diligence process, timing, and access to information
7. Confidentiality: Binding provisions regarding the confidential treatment of information
8. Exclusivity: Binding provision for exclusive negotiation period
9. Timeline: Proposed timeline for due diligence, definitive agreement, and closing
10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions
11. Governing Law: Specification of Canadian law and applicable province
12. Signatures: Execution blocks for all parties
1. Deposit: Terms of any initial deposit or earnest money, used when buyer wishes to demonstrate serious intent
2. Employee Matters: Preliminary terms regarding treatment of employees, used when workforce transition is a key consideration
3. Financing Contingency: Details of financing requirements, included when purchase is subject to financing
4. Break Fee: Terms of any break fee, used in larger transactions or when significant due diligence costs are expected
5. Pre-Closing Covenants: Any specific requirements for business operation before closing, used for longer transaction timelines
6. Regulatory Approvals: Overview of required regulatory approvals, included for regulated industries or large transactions
7. Real Estate Matters: Specific terms related to real estate, used when property is a significant component of the transaction
1. Schedule A - Assets/Business Description: Detailed description of the business or assets to be purchased
2. Schedule B - Initial Due Diligence Request List: Preliminary list of documents and information required for due diligence
3. Schedule C - Key Terms Summary: Summary of key commercial terms for quick reference
4. Schedule D - Timeline: Detailed timeline with key milestones and deadlines
5. Schedule E - Excluded Assets/Liabilities: List of any assets or liabilities specifically excluded from the transaction
Relevant legal definitions
Agreement
Business
Business Day
Closing
Closing Date
Confidential Information
Due Diligence Period
Effective Date
Exclusivity Period
Material Adverse Change
Purchase Price
Proposed Transaction
Parties
Purchaser
Vendor
Target Business
Assets
Binding Provisions
Non-Binding Provisions
Definitive Agreement
Due Diligence Materials
Encumbrance
Good Faith
Intellectual Property
Transaction Documents
Working Capital
Permitted Disclosures
Representatives
Business Operations
Deposit
Business
Business Day
Closing
Closing Date
Confidential Information
Due Diligence Period
Effective Date
Exclusivity Period
Material Adverse Change
Purchase Price
Proposed Transaction
Parties
Purchaser
Vendor
Target Business
Assets
Binding Provisions
Non-Binding Provisions
Definitive Agreement
Due Diligence Materials
Encumbrance
Good Faith
Intellectual Property
Transaction Documents
Working Capital
Permitted Disclosures
Representatives
Business Operations
Deposit
Clauses
Identification of Parties
Recitals
Definitions
Transaction Structure
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Access to Information
Timeline
Conditions Precedent
Non-Binding Nature
Binding Provisions
Good Faith
Costs and Expenses
Governing Law
Termination
Notices
Employee Matters
Regulatory Compliance
Asset Description
Working Capital
Deposit
Break Fee
Transaction Process
Representations and Warranties
Dispute Resolution
Entire Agreement
Assignment
Amendments
Counterparts
Severability
Recitals
Definitions
Transaction Structure
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Access to Information
Timeline
Conditions Precedent
Non-Binding Nature
Binding Provisions
Good Faith
Costs and Expenses
Governing Law
Termination
Notices
Employee Matters
Regulatory Compliance
Asset Description
Working Capital
Deposit
Break Fee
Transaction Process
Representations and Warranties
Dispute Resolution
Entire Agreement
Assignment
Amendments
Counterparts
Severability
Relevant Industries
Manufacturing
Technology
Retail
Professional Services
Healthcare
Real Estate
Financial Services
Construction
Hospitality
Transportation & Logistics
Energy
Agriculture
Mining
Telecommunications
Education
Entertainment & Media
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Strategy
Operations
Risk Management
Business Development
Corporate Secretariat
Treasury
Tax
Compliance
Human Resources
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Lawyer
General Counsel
Managing Director
Business Development Manager
Mergers & Acquisitions Director
Corporate Development Officer
Finance Director
Investment Banker
Due Diligence Officer
Integration Manager
Strategy Director
Board Member
Company Secretary
Risk Manager
Operations Director
Commercial Director
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