The Commercial Letter of Intent is a crucial preliminary document used in Austrian business transactions to outline the parties' intentions before entering into a definitive agreement. It serves as a roadmap for complex commercial transactions, typically used in scenarios such as mergers and acquisitions, joint ventures, significant supply arrangements, or strategic partnerships. While primarily non-binding, certain provisions like confidentiality and exclusivity can be made explicitly binding under Austrian law. The document needs to comply with both the Austrian Civil Code (ABGB) and Commercial Code (UGB), particularly regarding pre-contractual obligations and good faith negotiations. It typically includes key commercial terms, proposed timelines, due diligence requirements, and conditions precedent to the final agreement, while clearly distinguishing between binding and non-binding provisions to avoid unintended legal obligations.
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1. Date and Parties: Opening of letter identifying sender and recipient with full legal names and addresses
2. Transaction Overview: Brief description of the proposed transaction or business relationship being contemplated
3. Key Terms: Outline of the main commercial terms and conditions being considered for the final agreement
4. Non-Binding Nature: Clear statement that the letter is generally non-binding except for specific provisions
5. Timeline: Proposed schedule for negotiations, due diligence, and execution of definitive agreements
6. Confidentiality: Binding provisions regarding the confidential treatment of shared information
7. Exclusivity: If applicable, binding provisions regarding exclusive negotiations for a specified period
8. Closing: Signature blocks and formal closing of the letter
1. Costs and Expenses: Statement regarding who bears the costs of negotiations and due diligence - include when significant preliminary expenses are expected
2. Break Fee: Provisions for compensation if one party terminates negotiations - include in high-value transactions
3. Governing Law and Jurisdiction: Specification of applicable law and courts - include when parties are from different jurisdictions
4. Due Diligence Process: Detailed outline of the due diligence process - include for complex transactions requiring significant investigation
5. Press Releases: Rules regarding public announcements - include for high-profile transactions or when one party is publicly traded
1. Key Commercial Terms Sheet: Detailed outline of proposed commercial terms and conditions being considered
2. Timeline Schedule: Detailed timeline of key dates and milestones for the proposed transaction
3. Due Diligence Requirements: List of required documents and information for due diligence process
4. Proposed Transaction Structure: Diagram or detailed description of the proposed transaction structure for complex deals
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Technology
Real Estate
Financial Services
Healthcare
Energy
Retail
Telecommunications
Professional Services
Construction
Automotive
Industrial
Media and Entertainment
Logistics and Transportation
Relevant Teams
Legal
Corporate Development
Mergers & Acquisitions
Finance
Executive Leadership
Business Development
Strategy
Commercial Operations
Risk Management
Compliance
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Legal Officer
General Counsel
Legal Director
Commercial Director
Business Development Manager
Corporate Development Manager
Head of Mergers & Acquisitions
Managing Director
Investment Manager
Senior Legal Counsel
Contract Manager
Strategy Director
Operations Director
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