A Letter of Intent to Purchase Business is commonly used in the initial stages of business acquisition negotiations in Ireland. It serves as a crucial stepping stone between informal discussions and a final purchase agreement. This document is typically employed when a potential buyer has conducted preliminary assessment of a target business and wishes to formally express their interest and proposed terms. While generally non-binding, it helps establish the framework for further negotiations and due diligence processes. The document operates within Irish legal framework, particularly under the Companies Act 2014 and related business legislation, and typically includes key elements such as proposed purchase price, exclusivity periods, confidentiality obligations, and conditions precedent. It's an essential tool for protecting both parties' interests during the negotiation phase and providing a clear roadmap for the transaction process.
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1. Date and Parties: Full legal names and addresses of both the potential purchaser and seller
2. Expression of Interest: Clear statement of intent to purchase the business, subject to conditions
3. Business Description: Brief description of the target business, including its legal structure and main operations
4. Proposed Purchase Price: Indicative price range or specific amount, subject to due diligence
5. Key Terms: Outline of the main terms of the proposed transaction
6. Due Diligence: Overview of the due diligence process and requirements
7. Timeline: Proposed timeline for completion of due diligence and transaction closing
8. Confidentiality: Statement regarding the confidential nature of discussions and information
9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified clauses
10. Exclusivity: Period during which the seller agrees not to negotiate with other parties
11. Execution: Signature blocks for both parties
1. Break Fee: Include when parties want to specify fees payable if either party terminates negotiations
2. Financing Conditions: Include when purchase is subject to the buyer obtaining specific financing
3. Key Employee Retention: Include when retention of specific employees is crucial to the transaction
4. Asset Inclusion/Exclusion: Include when certain assets or liabilities need to be specifically included or excluded
5. Regulatory Approvals: Include when transaction requires specific regulatory or governmental approvals
6. Intellectual Property: Include when IP assets are a significant part of the transaction value
7. Post-Closing Covenants: Include when specific post-sale obligations need to be highlighted
8. Dispute Resolution: Include when parties want to specify method of resolving disputes during negotiations
1. Business Overview: High-level description of business operations, assets, and financial performance
2. Key Assets List: Preliminary list of major assets included in the proposed transaction
3. Exclusivity Terms: Detailed terms of the exclusivity period if applicable
4. Due Diligence Requirements: List of documents and information required for due diligence
5. Timeline Schedule: Detailed timeline with key milestones and deadlines
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