The Letter of Intent to Do Business is a crucial preliminary document in Canadian business practice, used when parties are seriously considering entering into a business relationship but need to formalize their initial understanding before proceeding with detailed negotiations or due diligence. It serves as a roadmap for future discussions while protecting both parties' interests during the negotiation phase. The document is particularly relevant in Canada's diverse business environment, where it needs to account for both common law and civil law jurisdictions (specifically Quebec). While most provisions are non-binding, certain elements like confidentiality and exclusivity can be made binding, making it a versatile tool for business negotiations. The Letter of Intent helps establish clear communication, timeline expectations, and basic terms, reducing the risk of misunderstandings as parties progress toward a final agreement.
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1. Date and Parties: Opening section identifying the date and full legal names and addresses of all parties involved
2. Introduction/Purpose: Brief statement explaining the intent to explore a business relationship and the general purpose of the letter
3. Business Opportunity: Overview of the proposed business relationship or transaction being considered
4. Proposed Terms: High-level outline of the key terms and conditions being considered for the potential business relationship
5. Timeline: Proposed schedule for negotiations, due diligence, and intended completion of the final agreement
6. Good Faith Statement: Declaration that both parties intend to proceed in good faith with discussions and negotiations
7. Non-Binding Nature: Clear statement that the LOI is non-binding except for specifically identified binding provisions
8. Signature Block: Space for authorized representatives to sign and date the letter
1. Confidentiality: Terms regarding the confidential treatment of shared information during discussions - include when sensitive information will be exchanged
2. Exclusivity: Agreement not to negotiate with other parties for a specified period - include when exclusivity is important for the discussions
3. Costs and Expenses: Statement about who bears the costs of negotiations and due diligence - include when significant costs are expected
4. Due Diligence: Overview of the proposed due diligence process - include when substantial investigation is needed
5. Governing Law: Specification of which jurisdiction's laws will govern - include when parties are from different jurisdictions
6. Break-up Fee: Terms regarding compensation if one party terminates discussions - include in high-stakes negotiations
7. Binding Provisions: Specific identification of which provisions are binding - include when certain terms must be enforceable
1. Term Sheet: Detailed outline of the key business terms being considered
2. Timeline Schedule: Detailed timeline of key milestones and deadlines
3. Due Diligence Checklist: List of required documents and information for the due diligence process
4. Structure Diagram: Visual representation of the proposed business relationship or transaction structure
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