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Letter of Intent(Letter of Intent For a Prospective Transaction)
(FOR USE IN ALL 50 U.S. STATES)
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- General Purpose. This form is designed to be used to create a "letter of intent" for the sale of assets between individuals and small businesses. It also sometimes referred to as an offer sheet. A "letter of intent" is a non-binding document which sets forth the terms under which the parties intend to close an asset sale in the future. However, our letter of intent form allows the user to add three provisions that are legally binding: (a) seller "standstill" clause (meaning seller will not engage in negotiations with other buyers during standstill period), (b) agreement of buyer to hold certain information given to it by seller as "confidential", and (c) agreement to reimburse seller for certain expenses.
- Features of this form. This form contains the following features:
- Allows for up to 3 different prospective sellers and 3 different prospective buyers to be parties;
- User may either describe the assets that are part of the prospective transaction within our template or elect to create offline an attached schedule which describes the assets
- Allows user to describe services that are to be provided by Seller to Buyer as part of the prospective transaction
- Breaks up the prospective purchase price for the asset(s) into three components: (a) down-payment, (b) payments to be made after execution of the contract, and (c) debts of seller assumed by buyer;
- Allows user to select an interest rate for past-due payments called for under the future sales contract;
- Allows the user to indicate whether seller (or those affiliated with seller) are to receive employment or consulting contracts as part of the proposed transaction;
- Allows the user to add a seller "standstill" agreement to the Letter of Intent;
- Allows the user to add an agreement by the prospective Buyer to be bound by a confidentiality agreement regarding confidential information of Seller disclosed to Buyer;
- Allows the user to add agreement of buyer to reimburse seller for certain expenses such as attorney fees incurred prior to the closing of the sale.
- "Standstill Agreement". A "standstill agreement", as used in our forms, is one where the prospective seller agrees not to seek, nor even converse with, additional potential buyers for the assets covered by the Letter of Intent other than the prospective buyer named in the document. The purpose of a "standstill agreement" is to give the prospective buyer some protection against his or her investment in time and expenses necessary to perform all tasks related to completing the final asset sales agreement such as attorneys or accountants fees, appraisal fees, title searches, etc.
The following are links to others MedLawPlus.com® forms that contain confidentiality agreements:
- Employment Agreement
- Independent Contractor Agreement
- Confidentiality Agreement for Employees and Independent Contractors (without the full employment agreement)
- Confidentiality Agreement for Potential Business Relationships
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DISCLAIMER
The above is provided for informational purposes only and is NOT to be relied upon as legal advice. This service is not a substitute for the advice of an attorney and we encourage users to have all documents created on our site reviewed by an attorney. No attorney-client relationship is established by use of our online legal forms system and the user is not to rely upon any information found anywhere on our site. THESE FORMS ARE SOLD ON AN "AS IS" BASIS WITH NO WARRANTIES OR GUARANTIES. If you wish personal assistance in deciding whether the document found on our site is right for you or desire representations and warranties upon the legality of the document you are purchasing in the jurisdiction you will be using it, contact an attorney licensed to practice law in your state.
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