A Letter of Intent to Sell Business is typically used in the initial stages of a business sale transaction in India, after preliminary discussions but before detailed due diligence and final agreements. It demonstrates serious intent while maintaining flexibility in negotiations. The document includes essential elements such as transaction structure, purchase price parameters, due diligence framework, and timeline, while specifically identifying which provisions are legally binding. Under Indian law, while most provisions are non-binding, certain clauses like confidentiality and exclusivity are typically enforced. This document is crucial for complex business sales where parties need to outline their understanding before investing significant resources in due diligence and detailed negotiations.
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1. Date and Addresses: Opening with current date and formal addresses of both parties
2. Subject Line: Clear indication that this is a Letter of Intent regarding the proposed sale of [Business Name]
3. Introduction: Opening paragraph identifying the parties and their roles (Seller and Potential Buyer)
4. Transaction Overview: Brief description of the proposed transaction, including the business being sold and type of transaction (asset or share sale)
5. Purchase Price: Proposed purchase price or price range and payment terms
6. Due Diligence: Overview of the due diligence process, timeline, and access to information
7. Key Terms: Essential commercial terms including assets/shares to be transferred, key assumptions, and major conditions
8. Timeline: Proposed schedule for due diligence, definitive agreement, and closing
9. Binding Provisions: Explicitly stating which provisions are legally binding (typically confidentiality, exclusivity, and governing law)
10. Closing: Signature blocks and formal closing of the letter
1. Employee Matters: Include when the business has significant employees and their transfer is material to the transaction
2. Regulatory Approvals: Include when the transaction requires specific regulatory clearances
3. Financing: Include when the buyer needs to specify their financing arrangements or conditions
4. Break Fee: Include when parties want to specify fees payable if either party terminates negotiations
5. Asset Retention: Include when seller wishes to retain certain assets or liabilities
6. Transition Services: Include when post-closing assistance from seller will be required
7. Non-Compete: Include when buyer requires seller to agree to non-competition restrictions
1. Schedule A - Business Description: Detailed description of the business, including key assets, operations, and financial metrics
2. Schedule B - Key Assets: List of major assets included in the sale (equipment, inventory, intellectual property, etc.)
3. Schedule C - Excluded Assets: List of assets specifically excluded from the transaction
4. Schedule D - Key Employees: List of key employees and their roles, if relevant to the transaction
5. Schedule E - Required Consents: List of third-party or regulatory consents required for the transaction
6. Schedule F - Due Diligence Requirements: Detailed list of documents and information required for due diligence
7. Schedule G - Timeline: Detailed timeline with key milestones and deadlines
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Information Technology
Retail
Healthcare
Financial Services
Real Estate
Hospitality
Professional Services
E-commerce
Construction
Automotive
Education
Telecommunications
Media and Entertainment
Agriculture
Logistics and Transportation
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Strategy
Business Development
Compliance
Risk Management
Corporate Secretarial
Due Diligence
Relevant Roles
Chief Executive Officer
Managing Director
Chief Financial Officer
General Counsel
Legal Director
Corporate Lawyer
Business Development Manager
Mergers & Acquisitions Director
Company Secretary
Chief Strategy Officer
Investment Banker
Business Owner
Corporate Finance Manager
Due Diligence Manager
Risk Manager
Compliance Officer
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