A Letter Of Intent To Purchase Business is a crucial preliminary document used in Austrian business acquisitions to establish the framework for negotiations between potential buyers and sellers. It is typically employed after initial discussions but before detailed due diligence and final contract negotiations. The document outlines key commercial terms, confidentiality obligations, exclusivity periods, and the proposed transaction structure, while maintaining a largely non-binding nature except for specific provisions. Under Austrian law, particularly the ABGB (Civil Code) and UGB (Commercial Code), such letters of intent provide important legal protection while allowing flexibility in negotiations. They are especially valuable in complex business acquisitions where parties need to document their serious intention to proceed while reserving the right to adjust terms based on due diligence findings.
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1. Date and Parties: Names and addresses of the potential buyer and seller
2. Introduction/Purpose: Brief statement of the parties' intention to negotiate the purchase/sale of the business
3. Business Description: Clear identification of the business being considered for purchase
4. Proposed Transaction Structure: Basic outline of how the purchase would be structured (asset vs. share purchase)
5. Proposed Purchase Price: Indicative price range or specific amount, including payment terms
6. Due Diligence: Overview of the due diligence process and requirements
7. Confidentiality: Binding provisions regarding confidential information exchange
8. Exclusivity: Period during which the seller cannot negotiate with other parties
9. Timeline: Proposed schedule for due diligence, negotiations, and closing
10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions
11. Governing Law: Specification of Austrian law as governing law
12. Signatures: Execution block for both parties
1. Break Fee: Used when parties want to include a fee for breaking off negotiations without good cause
2. Employee Matters: Include when employment arrangements need special consideration or protection
3. Regulatory Approvals: Required when the transaction might need competition authority or other regulatory approval
4. Financing Contingency: Include when the buyer's ability to complete the purchase depends on obtaining financing
5. Key Asset Protection: Used when specific intellectual property or critical assets need special mention
6. Management Retention: Include when retention of key management is crucial to the deal
7. Environmental Matters: Required for businesses with potential environmental liabilities
1. Key Assets Schedule: List of main assets included in the potential transaction
2. Initial Due Diligence Checklist: Preliminary list of documents and information required
3. Timeline Schedule: Detailed timeline of key milestones and deadlines
4. Excluded Assets/Liabilities: List of assets or liabilities specifically excluded from the potential transaction
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Technology
Retail
Healthcare
Financial Services
Professional Services
Real Estate
Construction
Hospitality
Energy
Transportation
Agriculture
Media & Entertainment
Telecommunications
Relevant Teams
Legal
Finance
Mergers & Acquisitions
Corporate Development
Executive Leadership
Strategy
Business Development
Treasury
Risk Management
Compliance
Tax
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Managing Director
Corporate Development Manager
Head of Mergers & Acquisitions
Business Development Director
Investment Manager
Legal Counsel
General Counsel
Finance Director
Strategy Director
Commercial Director
Board Member
Company Secretary
Transaction Manager
Due Diligence Manager
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