The Commercial Purchase Letter of Intent is a crucial preliminary document used in Philippine business transactions when a potential buyer wishes to formally express their serious interest in purchasing assets, businesses, or properties from a seller. This document serves as a framework for further negotiations and due diligence, typically preceding a definitive purchase agreement. While primarily non-binding, it demonstrates commitment to the transaction and outlines key commercial terms, timelines, and conditions. The document must comply with Philippine commercial law requirements, particularly the Civil Code of the Philippines and relevant business regulations. It is commonly used in significant commercial transactions where parties need to establish clear parameters for negotiation while maintaining flexibility for the final agreement. The Letter of Intent helps parties align their expectations and provides a roadmap for the transaction process while protecting both parties' interests through confidentiality and exclusivity provisions where applicable.
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1. Date and Party Details: Full legal names, addresses, and contact details of both the prospective buyer and seller
2. Subject Matter Introduction: Clear identification of the transaction being contemplated
3. Expression of Interest: Formal statement of intent to purchase the specified assets or business
4. Transaction Overview: Brief description of the proposed transaction, including the general nature and scope of the purchase
5. Proposed Purchase Price: Indication of the proposed purchase price or price range, subject to due diligence
6. Timeline: Proposed timeline for due diligence, negotiation, and completion of the transaction
7. Due Diligence: Overview of the due diligence process and requirements
8. Confidentiality: Statement regarding the confidential nature of discussions and information exchange
9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified clauses
10. Closing and Signature: Signature blocks for authorized representatives of both parties
1. Exclusivity Period: Optional clause providing for a period of exclusive negotiations, used when the seller needs to commit to not entertaining other offers
2. Break Fee: Optional clause specifying any break fees payable if either party withdraws, used in high-value transactions
3. Financing Contingency: Optional clause regarding the buyer's need to secure financing, used when purchase is dependent on obtaining funding
4. Regulatory Approvals: Optional section addressing any required regulatory approvals, used when the transaction requires government or regulatory consent
5. Key Personnel: Optional section regarding retention of key personnel, used when specific employees are crucial to the transaction
6. Asset List: Optional section detailing specific assets included in the purchase, used when the transaction involves specific asset transfers
1. Schedule A - Preliminary Asset List: Preliminary list of assets or business components intended to be included in the purchase
2. Schedule B - Proposed Timeline: Detailed timeline with key milestones and deadlines for the transaction
3. Schedule C - Due Diligence Requirements: List of documents and information required for due diligence
4. Appendix 1 - Term Sheet: Basic terms and conditions of the proposed transaction in bullet point format
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