The Non-Binding Letter of Intent to Purchase Business is a crucial preliminary document in New Zealand business acquisitions, typically used after initial discussions but before detailed due diligence and final negotiations. It serves to formalize the prospective purchaser's interest and outline key terms while maintaining flexibility through its non-binding nature. This document is particularly valuable in complex business purchases where parties need to establish clear parameters for negotiations and due diligence while protecting confidential information. Under New Zealand jurisdiction, while the majority of the document is non-binding, certain provisions like confidentiality and exclusivity can be made binding if explicitly stated. The document helps structure negotiations, manage expectations, and provide a roadmap for the potential transaction while allowing both parties to withdraw if terms cannot be agreed upon or due diligence reveals concerns.
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1. Opening and Introduction: Formal business letter opening, including date, addresses of both parties, and proper salutation
2. Purpose Statement: Clear statement of intent to explore the purchase of the business, identifying the target business
3. Transaction Overview: High-level description of the proposed transaction, including the basic structure and nature of the purchase
4. Purchase Price Indication: Preliminary indication of the proposed purchase price range or methodology for determining the price
5. Key Terms: Outline of the fundamental terms and conditions that would be part of the final transaction
6. Due Diligence: Overview of the proposed due diligence process, timeline, and requirements
7. Timeline: Proposed schedule for negotiations, due diligence, and target completion date
8. Non-Binding Nature: Express statement that the letter is non-binding except for specific provisions
9. Confidentiality: Statement regarding the confidential nature of discussions and any information exchanged
10. Closing and Signature: Formal closing, signature blocks for both parties
1. Exclusivity Period: Optional section requesting exclusive negotiation rights for a specified period - include when buyer requires protection during initial investigations
2. Break Fee: Optional section outlining any break fee arrangements - include when there's significant initial investment in the process
3. Financing Contingency: Optional section regarding the buyer's need to secure financing - include when purchase is subject to funding arrangements
4. Key Employee Retention: Optional section addressing intentions regarding key employees - include when continuity of specific staff is important
5. Regulatory Approvals: Optional section outlining any required regulatory approvals - include when the transaction may need specific regulatory clearance
1. Business Description Schedule: High-level description of the target business, its assets, and operations
2. Preliminary Terms Sheet: Basic outline of key commercial terms being proposed
3. Due Diligence Checklist: Initial list of documents and information required for due diligence
4. Timeline Schedule: Detailed proposed timeline for the transaction process
5. Contact Details: List of key contacts for both parties including advisors and representatives
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