A Letter of Intent to Buy is commonly used in the early stages of significant transactions in England and Wales, serving as a preliminary step before entering into a binding purchase agreement. It outlines the proposed terms of the transaction, including price, timeline, and any conditions precedent. While primarily non-binding, it helps parties establish clear expectations and demonstrates serious intent. The document typically includes confidentiality provisions and may include exclusivity periods. It's particularly useful in complex transactions where detailed due diligence is required before finalizing the purchase.
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1. Date and Parties: Full legal names and addresses of buyer and seller, and date of the letter
2. Subject Matter: Clear description of what is intended to be purchased, including key details of the asset/business
3. Purchase Price: Proposed purchase price or price range and any key payment terms
4. Timeline: Proposed timeline for due diligence, negotiations and completion
5. Non-Binding Nature: Clear statement that the letter is non-binding except for specific clauses
1. Exclusivity: Terms of exclusive negotiation period during which seller cannot engage with other potential buyers
2. Break Fee: Terms of any compensation payable if either party withdraws from negotiations
3. Confidentiality: Terms regarding the confidential treatment of information exchanged during negotiations
4. Due Diligence Access: Terms regarding access to information and facilities for due diligence purposes
5. Costs: Agreement on who bears the costs of the transaction and under what circumstances
1. Schedule 1 - Asset List: Detailed listing of assets intended to be included in the purchase
2. Schedule 2 - Due Diligence Requirements: List of documents and information required for buyer's due diligence
3. Schedule 3 - Transaction Timeline: Detailed schedule of key dates and milestones for the transaction
4. Schedule 4 - Initial Terms Sheet: Key commercial terms proposed for the final transaction documents
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