A Letter of Intent to Sell Business is typically used in the initial stages of a business sale transaction in Pakistan, serving as a crucial stepping stone between preliminary discussions and the final purchase agreement. This document is essential when parties have reached a general understanding of key terms but need to formalize their intentions before proceeding with detailed due diligence and negotiating definitive agreements. It outlines fundamental aspects such as purchase price, payment terms, exclusivity period, and conditions precedent, while typically maintaining a non-binding nature except for specific provisions. The document must align with Pakistani legal requirements, particularly the Contract Act 1872 and Companies Act 2017, and should consider local business practices and regulatory frameworks. It's particularly important in complex transactions where parties need to demonstrate serious intent and secure preliminary commitments before investing significant resources in the transaction.
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1. Letter Header: Include sender's business details, date, and recipient's details in proper business letter format
2. Subject Line: Clear indication that this is a Letter of Intent for the sale of [Business Name]
3. Opening Statement: Formal introduction expressing intent to purchase/sell the business and identifying the parties involved
4. Business Identification: Clear description of the business being sold, including legal entity details and location
5. Transaction Structure: Outline of the proposed transaction structure (asset sale vs. share sale)
6. Purchase Price: Proposed purchase price or price range and payment terms
7. Key Terms: Essential terms and conditions of the proposed transaction
8. Due Diligence: Framework for the due diligence process and timeline
9. Exclusivity Period: Duration during which the seller cannot negotiate with other parties
10. Confidentiality: Terms regarding the confidential treatment of information exchanged
11. Timeline: Proposed timeline for completing the transaction
12. Closing Conditions: Key conditions that must be met to proceed with the transaction
13. Non-Binding Nature: Statement clarifying which provisions are non-binding vs. binding
14. Closing Paragraph: Summary and next steps
15. Signature Block: Space for signatures of authorized representatives of both parties
1. Employee Matters: Include when the business has significant employee considerations or transfer of employees is a key aspect
2. Regulatory Approvals: Include when the transaction requires specific regulatory clearances
3. Intellectual Property: Include when IP assets are a significant part of the business value
4. Real Estate: Include when property transfers or lease assignments are involved
5. Inventory and Equipment: Include when physical assets form a substantial part of the transaction
6. Outstanding Liabilities: Include when there are significant debts or liabilities to be addressed
7. Non-Compete Provisions: Include when restrictions on future competition are important
8. Governing Law: Include when parties are from different jurisdictions or specific legal framework needs to be emphasized
1. Schedule A - Assets Listing: Preliminary list of key assets included in the sale
2. Schedule B - Excluded Assets: List of assets specifically excluded from the transaction
3. Schedule C - Key Contracts: Summary of important contracts that will need to be transferred or addressed
4. Schedule D - Due Diligence Checklist: Preliminary list of documents and information required for due diligence
5. Appendix 1 - Timeline: Detailed proposed timeline for transaction milestones
6. Appendix 2 - Valuation Summary: Basic outline of how the proposed purchase price was determined
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