A Letter of Intent is used to formally affirm your intentions to enter serious negotiations for the transfer of, or interest in a company or corporation. This Letter of Intent will define the buyers, sellers, company or interest for transfer, and the intended payment method and price. In addition, you will be able to define an expiration date and an exclusive negotiations period as well as any special warrantees you deem necessary. A Letter of Intent is not a binding contract. Any language which promises certain actions should be avoided. The letter should outline the wishes of the buyers and sellers as they intend to work toward final negotiations. Any intentions outlined in the letter should not be binding until a final transaction agreement or contract is signed. |