A Letter Of Intent To Purchase Business is commonly used in the United States as the first formal step in business acquisition negotiations. It's typically drafted after initial discussions but before detailed due diligence begins. The document helps parties align their expectations and provides a roadmap for the transaction, including key terms, conditions, and timelines. While primarily non-binding, it demonstrates serious intent and can include binding provisions for confidentiality and exclusive negotiation periods. This document is particularly important for establishing clear communication and avoiding misunderstandings early in the acquisition process.
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1. Introduction and Parties: Identifies all parties involved in the potential transaction and their legal status
2. Background/Purpose: Brief description of the business and the intent to purchase
3. Purchase Price: Proposed purchase price and payment structure
4. Due Diligence: Terms and timeframe for conducting due diligence
5. Confidentiality: Terms regarding confidential information exchange
6. Timeline: Proposed timeline for completing the transaction
1. Exclusivity: Period during which seller cannot negotiate with other parties - used when buyer wants to ensure exclusive negotiating rights
2. Employee Matters: Intentions regarding current employees - used when employment continuity is a key consideration
3. Financing Contingency: Conditions related to securing financing - used when purchase depends on obtaining external financing
4. Break-up Fee: Fee payable if transaction doesn't proceed - used in larger transactions where significant costs may be incurred
1. Asset Schedule: Preliminary list of assets included in the sale
2. Due Diligence Checklist: List of documents and information required for review
3. Timeline Schedule: Detailed timeline of key milestones and deadlines
4. Key Personnel: List of key employees and management team members
Relevant legal definitions
Agreement
Business
Closing
Closing Date
Confidential Information
Due Diligence Period
Effective Date
Exclusivity Period
Purchase Price
Target Business
Material Adverse Change
Assets
Binding Provisions
Non-Binding Provisions
Parties
Permitted Representatives
Transaction
Business Day
Intellectual Property
Key Employees
Liabilities
Working Capital
Business
Closing
Closing Date
Confidential Information
Due Diligence Period
Effective Date
Exclusivity Period
Purchase Price
Target Business
Material Adverse Change
Assets
Binding Provisions
Non-Binding Provisions
Parties
Permitted Representatives
Transaction
Business Day
Intellectual Property
Key Employees
Liabilities
Working Capital
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
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