A Letter of Intent to Purchase is commonly used in Indian business transactions as a preliminary step before entering into a definitive purchase agreement. This document is particularly useful when parties have reached a basic understanding but need to formalize their intentions while conducting due diligence or negotiating detailed terms. Governed by Indian contract law, particularly the Indian Contract Act, 1872, the LOI typically includes proposed purchase price, payment terms, due diligence provisions, and timeline, while clearly stating its non-binding nature except for specific provisions like confidentiality and exclusivity. It serves multiple purposes: demonstrating serious intent, securing exclusivity for negotiations, outlining key terms for future agreement, and providing a framework for due diligence. The document is widely used across various sectors including real estate, business acquisitions, and asset purchases.
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1. Date and Parties: Opening of letter identifying the date and full legal names and addresses of both sender (potential purchaser) and recipient (potential seller)
2. Subject Line: Clear identification that this is a Letter of Intent to Purchase [specific asset/property/business]
3. Introduction: Brief statement of intent to purchase and reference to any prior discussions
4. Asset Description: Detailed description of what is proposed to be purchased, including any relevant specifications or characteristics
5. Purchase Price: Proposed purchase price and payment terms, including any conditions or adjustments
6. Key Terms: Essential terms and conditions of the proposed transaction
7. Due Diligence: Outline of the proposed due diligence process and timeline
8. Timeline: Proposed schedule for completing the transaction
9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific provisions
10. Binding Provisions: List of which provisions are binding (typically confidentiality, exclusivity, and governing law)
11. Expiration: Validity period of the LOI and response timeline
12. Closing: Signature blocks and formal closing of the letter
1. Exclusivity Period: Used when buyer requires exclusive negotiation rights for a specified period
2. Break Fee: Include when there's agreement on fees payable if either party terminates discussions
3. Financing Contingency: Include when purchase is contingent on buyer obtaining financing
4. Regulatory Approvals: Required when transaction needs specific regulatory or governmental approvals
5. Employee Matters: Include for business purchases involving transfer of employees
6. Interim Operations: Used for business purchases to address operation of business during negotiation period
7. Broker/Advisor Fees: Include when intermediaries are involved in the transaction
1. Asset Schedule: Detailed listing of assets to be purchased, if multiple items involved
2. Due Diligence Checklist: List of documents and information required for due diligence
3. Price Calculation: If purchase price involves complex calculations or adjustments
4. Key Milestones: Detailed timeline of transaction milestones and deadlines
Authors
Relevant legal definitions
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Relevant Industries
Real Estate
Manufacturing
Information Technology
Retail
Healthcare
Financial Services
Hospitality
Energy
Infrastructure
Telecommunications
Automotive
Pharmaceuticals
E-commerce
Mining
Agriculture
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Procurement
Business Development
Real Estate
Operations
Commercial
Risk Management
Compliance
Strategy
Property Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Managing Director
Business Development Manager
Corporate Lawyer
Legal Counsel
Procurement Manager
Investment Manager
Real Estate Manager
Mergers & Acquisitions Director
Property Manager
Business Owner
Commercial Director
Operations Director
Finance Manager
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