A Letter Of Intent Startup is a crucial preliminary document used in Austrian business practice when a startup is entering into serious negotiations with potential investors, partners, or acquirers. This document type is particularly relevant in the early stages of a significant transaction, such as seeking venture capital investment, establishing strategic partnerships, or preparing for a potential acquisition. While governed by Austrian law, particularly the ABGB (Austrian Civil Code) and UGB (Commercial Code), the LOI typically remains non-binding except for specific provisions like confidentiality and exclusivity. It serves to document the parties' serious intent to proceed with negotiations while outlining key terms, conditions, and timelines for the proposed transaction. The document helps establish clear expectations, protect confidential information, and provide a structured framework for due diligence and further negotiations, all while adhering to Austrian legal requirements and business customs.
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1. Date and Parties: Opening section identifying the date and full legal names and addresses of all parties involved
2. Introduction/Background: Brief context of the proposed transaction or relationship between the parties
3. Purpose and Scope: Clear statement of the intended transaction or collaboration and its main objectives
4. Key Terms: Outline of the fundamental business terms being considered (e.g., proposed investment amount, valuation, etc.)
5. Non-Binding Nature: Express statement that the LOI is non-binding except for specific provisions
6. Confidentiality: Binding provisions regarding the treatment of confidential information exchanged
7. Duration and Timeline: Proposed timeline for due diligence and execution of definitive agreements
8. Governing Law: Specification that Austrian law governs the LOI
9. Signatures: Execution block for all parties
1. Exclusivity: Used when parties want to ensure exclusive negotiations for a specific period
2. Cost Allocation: Include when parties need to specify how transaction costs will be shared
3. Break Fee: Required when parties want to include compensation for termination of negotiations
4. Due Diligence Access: Include when specific arrangements for due diligence process need to be outlined
5. IP Protection: Used when intellectual property discussions are central to the proposed transaction
6. Regulatory Approvals: Include when the proposed transaction may require regulatory clearances
7. Employee Matters: Used when the transaction involves significant workforce considerations
8. Dispute Resolution: Optional binding provision for resolving disputes during negotiations
1. Term Sheet: High-level summary of key business and legal terms being considered
2. Timeline Overview: Detailed schedule of proposed steps and milestones
3. List of Due Diligence Requirements: Preliminary list of documents and information required for due diligence
4. Relevant Corporate Information: Basic corporate details of the startup including capitalization table if relevant
Authors
Relevant legal definitions
Clauses
Relevant Industries
Technology
FinTech
Healthcare
E-commerce
Software Development
Biotechnology
Clean Energy
Digital Media
Artificial Intelligence
Internet of Things
Consumer Products
Enterprise Software
Manufacturing
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Corporate Development
Executive Leadership
Business Development
Mergers & Acquisitions
Investment
Strategy
Operations
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Legal Officer
General Counsel
Business Development Director
Investment Manager
Startup Founder
Managing Partner
Corporate Development Manager
Venture Capital Associate
Legal Counsel
Chief Operating Officer
Head of Strategy
Investment Director
Mergers & Acquisitions Manager
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