The Letter of Intent to Purchase is a crucial preliminary document in Malaysian business transactions, used when a potential buyer wishes to formally express their serious intention to purchase an asset, property, or business. This document serves as a stepping stone between initial discussions and a final purchase agreement, typically including key terms such as proposed purchase price, exclusivity period, and due diligence requirements. While predominantly non-binding, except for specific provisions like confidentiality and exclusivity, it plays a vital role in Malaysian business practices by providing a clear framework for negotiations and demonstrating commitment to the transaction. The document must comply with Malaysian contract law principles, including the Contracts Act 1950, and may need to consider Shariah law principles depending on the transaction nature.
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1. Date and Parties: Full names, addresses, and registration numbers (if applicable) of both the potential purchaser and seller
2. Subject Matter: Clear identification of the asset, business, or property intended to be purchased
3. Purchase Price: Proposed purchase price or price range, including any initial deposits or earnest money
4. Key Terms: Essential terms of the proposed transaction, including payment terms and timeline
5. Due Diligence: Outline of the due diligence process, timeline, and access requirements
6. Exclusivity Period: Duration during which the seller cannot negotiate with other parties
7. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
8. Binding Effect: Clear statement of which provisions are binding and which are non-binding
9. Expiration Date: Validity period of the LOI and conditions for extension
10. Signature Block: Space for signatures of authorized representatives of both parties
1. Break Fee: Used when parties want to specify compensation if either party withdraws from negotiations without justifiable cause
2. Financing Contingency: Include when the purchase is contingent on the buyer securing specific financing arrangements
3. Regulatory Approvals: Required when the transaction may need specific regulatory clearances in Malaysia
4. Asset List: Detailed when purchase involves multiple assets or complex property descriptions
5. Staff/Employee Matters: Include when purchase involves business with employees and labor considerations
6. Shariah Compliance: Required when transaction needs to comply with Islamic banking or finance principles
7. Conditions Precedent: Used for more complex transactions where certain conditions must be met before proceeding
1. Asset Schedule: Detailed list and description of assets intended to be purchased
2. Price Calculation: Formula or detailed breakdown of how the purchase price was determined
3. Due Diligence Checklist: List of documents and information required for due diligence
4. Timeline: Detailed timeline of key dates and milestones for the transaction
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