A Letter of Intent to Purchase Business is a crucial preliminary document used in the early stages of business acquisition negotiations in Pakistan. It serves as a formal expression of interest from a potential buyer to a business owner, outlining the basic terms and conditions under which they would be willing to proceed with the purchase. This document, while generally non-binding except for specific provisions, plays a vital role in Pakistani business transactions by providing a structured framework for negotiations and due diligence. It typically precedes the more detailed Purchase Agreement and helps parties align their expectations while complying with Pakistani legal requirements, including those under the Contract Act 1872 and Companies Act 2017. The document is particularly important in the Pakistani business context where it helps establish clear communication channels and demonstrates serious intent while protecting both parties' interests during the negotiation phase.
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1. Letter Header: Date, sender's details, recipient's details, and reference line
2. Subject Line: Clear indication that this is a Letter of Intent to Purchase [Business Name]
3. Opening Statement: Formal introduction stating the purpose of the letter and identifying the parties involved
4. Business Identification: Clear description of the target business, including legal name, location, and nature of business
5. Purchase Intent: Clear statement of intention to purchase the business, subject to conditions
6. Proposed Terms: Key commercial terms including proposed purchase price, payment terms, and general scope of assets/liabilities to be included
7. Due Diligence: Statement regarding the need for and scope of due diligence investigation
8. Exclusivity: Period during which the seller agrees not to negotiate with other potential buyers
9. Timeline: Proposed timeline for due diligence, definitive agreement, and closing
10. Confidentiality: Statement regarding the confidential nature of the discussions and information shared
11. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific provisions (like confidentiality and exclusivity)
12. Closing: Formal closing, signature blocks for both parties
1. Break Fee: Include when parties want to specify compensation if either party terminates negotiations
2. Financing Contingency: Include when the purchase is contingent on the buyer obtaining financing
3. Employee Retention: Include when there are specific intentions regarding key employees
4. Regulatory Approval: Include when the transaction may require government or regulatory approvals
5. Asset Allocation: Include when there's a need to specify preliminary allocation of purchase price among assets
6. Post-Closing Covenants: Include when there are specific expectations about non-compete or transition support
7. Deposit Terms: Include when a good faith deposit is required
1. Business Description Schedule: Detailed description of the business, its operations, and major assets
2. Preliminary Price Calculation: Basic framework for how the purchase price was determined
3. Due Diligence Checklist: Preliminary list of documents and information required for due diligence
4. Key Assets Schedule: List of major assets intended to be included in the purchase
5. Timeline Schedule: Detailed timeline of key dates and milestones for the transaction
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