A Business Sale Letter of Intent (LOI) is a crucial preliminary document in Australian business transactions, typically used when parties have reached initial agreement on key commercial terms but before detailed due diligence and definitive agreements. The document serves multiple purposes: it demonstrates serious intent to proceed with the transaction, provides a framework for negotiations, outlines key commercial terms, and establishes certain binding obligations (such as confidentiality and exclusivity). While primarily used in private business sales, it can be adapted for various transaction sizes and complexities. The LOI must be drafted in compliance with Australian federal and state laws, particularly considering corporations law, competition law, and contract law principles. It's typically prepared after initial commercial discussions but before significant resources are committed to due diligence and detailed transaction documentation.
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1. Parties: Identification of the potential seller and buyer, including full legal names and addresses
2. Background: Brief context of the proposed transaction and current status of discussions
3. Definitions: Key terms used throughout the document
4. Transaction Overview: High-level description of the proposed business sale transaction
5. Purchase Price: Proposed purchase price or price range and basic payment terms
6. Due Diligence: Framework for the due diligence process, including timeline and scope
7. Exclusivity: Terms of exclusive negotiation period
8. Confidentiality: Obligations regarding confidential information exchange
9. Transaction Timeline: Proposed schedule for key milestones through to completion
10. Binding Nature: Clear statement of which provisions are binding and non-binding
11. Costs and Expenses: How transaction costs will be borne by the parties
12. Governing Law: Specification of Australian law as governing law
1. Deposit: Terms of any initial deposit requirement, used when parties want to demonstrate serious intent
2. Employee Matters: Preliminary agreement on handling of employees, used when workforce transition is a key consideration
3. Regulatory Approvals: Framework for obtaining necessary regulatory approvals, included when the transaction requires specific regulatory clearances
4. Break Fee: Terms of any break fee arrangement, used in larger transactions to provide deal certainty
5. Asset/Share Sale: Preliminary indication of transaction structure, included when structure flexibility exists
6. Intellectual Property: Special provisions for IP transfer, used when IP is a significant component of the business
7. Third Party Consents: Framework for obtaining required third party consents, included when key contracts or licenses require consent for transfer
1. Key Assets Schedule: Preliminary list of major assets included in the proposed sale
2. Excluded Assets Schedule: List of assets specifically excluded from the proposed transaction
3. Key Commercial Terms: Summary of essential commercial terms agreed in principle
4. Due Diligence Requirements: Detailed list of due diligence requirements and documentation
5. Timeline Schedule: Detailed timeline of key dates and milestones for the transaction
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Professional Services
Healthcare
Hospitality
Construction
Mining
Agriculture
Financial Services
Education
Transport and Logistics
Real Estate
Media and Entertainment
Energy and Utilities
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Strategy
Commercial
Business Development
Corporate Secretariat
Risk and Compliance
Tax
Relevant Roles
Chief Executive Officer
Managing Director
Chief Financial Officer
General Counsel
Corporate Development Manager
Business Development Director
Mergers & Acquisitions Manager
Company Secretary
Finance Director
Commercial Director
Legal Counsel
Transaction Manager
Investment Director
Business Owner
Corporate Strategy Manager
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