The Business Sale Letter of Intent is a crucial preliminary document used in Austrian business transactions to establish the initial framework for a potential business sale. It serves as a roadmap for the transaction, typically drafted after initial discussions but before detailed due diligence and final negotiations begin. This document, while generally non-binding, contains certain enforceable provisions under Austrian law, particularly regarding confidentiality and exclusivity periods. It outlines key commercial terms, proposed transaction structure, preliminary valuation, and timeline for completion. The letter helps parties align their expectations and demonstrates serious intent to proceed with the transaction, while providing a foundation for drafting the final purchase agreement. In the Austrian legal context, it must comply with both the Commercial Code (UGB) and Civil Code (ABGB), particularly regarding formation of contracts and commercial relationships.
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1. Parties: Identification of the potential seller and buyer, including full legal names and addresses
2. Background/Recitals: Brief description of the business being sold and the parties' intention to enter into negotiations
3. Definitions: Key terms used throughout the letter of intent
4. Transaction Structure: Basic outline of the proposed transaction, including whether it's a share or asset sale
5. Purchase Price: Proposed purchase price or price range and basic payment terms
6. Due Diligence: Framework for the buyer's investigation of the business
7. Exclusivity: Period during which the seller agrees not to negotiate with other potential buyers
8. Confidentiality: obligations regarding the confidential treatment of information exchanged
9. Timeline: Proposed schedule for completing due diligence and executing definitive agreements
10. Binding Provisions: Specification of which provisions are legally binding (typically confidentiality, exclusivity, and governing law)
11. Costs: Each party's responsibility for their own costs and expenses
12. Governing Law: Specification of Austrian law as governing law and jurisdiction
1. Employee Matters: Preliminary agreement on handling of employees - include when workforce transition is a key consideration
2. Conditions Precedent: Key conditions that must be met before proceeding - include for more complex transactions
3. Break Fee: Fee payable if either party terminates negotiations - include for high-value transactions
4. Regulatory Approvals: Framework for obtaining necessary regulatory approvals - include when regulatory oversight is significant
5. Interim Operations: Guidelines for business operation during negotiation period - include for longer transaction timelines
6. Financing: Basic terms of any financing arrangements - include when buyer requires external financing
1. Business Description: Detailed description of the business assets or shares being sold
2. Indicative Timeline: Detailed timeline with key milestones and deadlines
3. Excluded Assets: List of assets explicitly excluded from the proposed transaction
4. Key Personnel: List of key employees or management staff relevant to the transaction
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Professional Services
Healthcare
Real Estate
Hospitality
Construction
Financial Services
Energy
Telecommunications
Transportation & Logistics
Agriculture
Media & Entertainment
Education
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Strategy
Risk Management
Business Development
Compliance
Corporate Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Managing Director
Corporate Lawyer
Legal Counsel
Business Development Manager
Investment Banker
Corporate Development Director
Mergers & Acquisitions Manager
Finance Director
Company Secretary
Business Owner
Commercial Director
Strategy Director
Risk Manager
Due Diligence Specialist
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