Letter of intent Example
4209 Hamill A venue
San Diego, California 92111
Dear Jonathan Hihe:
This letter’s intent is to formally reflect the shared interests of the following Parties:
“Buyer(s)”: Jane Doe
“Seller(s)”: Jonathan Hihe
Buyer(s) would purchase Seller’s business, goods, services, etc. This letter also details prospective agreement terms and conditions, as well as information and material exchanges. The future agreement would involve additional paperwork, authorization, and the creation of a formal agreement setting forth the fundamental conditions and a commitment from the Buyer(s) to purchase and the Seller(s) to sell.
1. Prospective Transaction
The parties are interested in transferring 2409 Elsie Drive, Mcintosh, SD 57641, from the seller to the buyer (“Prospective Transaction”).
2. Purchase Price
The prospective transaction would entail payment from the buyer(s) to the seller(s) under the terms: the buyer will make a cash payment of $1,500,000.00 and 0 cents.
3. Liabilities of Seller
Buyer(s) wouldn’t undertake Seller’s duties (s). Seller(s) would remain accountable for all (known or unknown) liabilities or obligations not explicitly undertaken by Buyer and arising before the final or definitive agreement and pay and settle any known liabilities and obligations before closing.
4. Due Diligence
Buyer(s) may examine and analyze the Seller’s property, inventories, accounting records, client orders, receivables, and prospects until closing or termination of this Letter of Intent. Buyer(s) undertakes to sign a Confidentiality Agreement and not approach Seller’s clients or providers unless approved by Seller (s).
Before a final agreement may be established, Buyer(s) must be satisfied with Seller(s)’ due diligence review of information and documentation, as well as owner authorization to acquire the lease, employment contract settlement, environmental assessment (if applicable), and Definitive Agreement terms.
6. Definitive Agreement
The Definitive Agreement will be a purchase-and-sale of assets with standard limitations, restrictions, and assurances.
7. Non-Binding Agreement
Except for the paragraph marked “Public Announcements and Confidentiality Agreement,” this Letter of Intent is unenforceable on all Parties. The prospective transaction needs additional negotiation, documentation, and a final agreement. This letter doesn’t need either side to sign a contract. The parties are not contractually obliged to the aforementioned sale, purchase, or transfer unless they engage into a formalized, documented final agreement that is acceptable to each party and each party’s legal counsel.
8. Public Announcements and Confidentiality Agreement
All parties agree not to disseminate details about this letter or any possible agreement without their written authorization. All parties agree that the contents of this letter of intent and related conversations are confidential.
9. Authority to Enter Letter of Intent
The individuals who have signed this letter attest that they are duly authorized representatives of the organizations they represent and are competent to enter into this Letter of Intent.
10. Closing, Termination of Letter
Closing occurs 15 days after the last signing, unless prolonged by the Parties. If Closing doesn’t happen or isn’t prolonged, or if either party gives written notification, the Letter of Intent expires. The “Public Announcements and Confidentiality Agreement” provision covers termination of the Letter, as does any separate completed Confidentiality Agreement.
11. Expenses and Due Diligence
The Parties agree to pay their own due diligence and other costs related to the Prospective Transaction.
Agreed to by Buyer(s) Date:
And Accepted and Agreed to by Seller(s) Date:
Letters Of Intent
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