An Asset Purchase Letter of Intent is a crucial preliminary document used in Philippine business transactions when one party intends to purchase specific assets from another. It serves as a roadmap for the transaction, outlining key terms while maintaining flexibility for detailed negotiations. This document is particularly important in the Philippine context where business relationships and preliminary agreements carry significant weight in commercial dealings. The LOI typically precedes the more detailed Asset Purchase Agreement and helps parties align their expectations early in the transaction process. It addresses essential elements such as asset identification, proposed pricing, due diligence parameters, and timeline, while usually maintaining a non-binding nature except for specific provisions like confidentiality and exclusivity. The document must be drafted in compliance with Philippine civil law and relevant regulatory requirements, particularly considering sector-specific regulations that may apply to the assets in question.
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1. Date and Parties: Opening paragraph identifying the date and all parties involved, including complete legal names and addresses
2. Introduction: Brief statement of intent to negotiate the purchase of specified assets
3. Asset Description: Clear identification and description of the assets proposed to be purchased
4. Purchase Price: Proposed purchase price or price range and payment terms
5. Due Diligence: Outline of the proposed due diligence process, timeline, and scope
6. Transaction Timeline: Proposed schedule for completing due diligence, negotiations, and closing
7. Exclusivity: Terms of exclusive negotiation period, if applicable
8. Confidentiality: Statement regarding the confidential nature of negotiations and information exchange
9. Binding/Non-binding Nature: Clear statement specifying which provisions are binding and non-binding
10. Closing Conditions: Key conditions that must be satisfied to proceed with the transaction
11. Governing Law: Specification of Philippine law as governing law
12. Signature Block: Space for signatures of authorized representatives of all parties
1. Break Fee: Terms regarding any break-up fee payable if the transaction doesn't proceed, used in larger transactions
2. Financing: Overview of how the purchase will be financed, included when relevant to the transaction
3. Regulatory Approvals: List of required regulatory approvals, included when the transaction requires specific governmental or regulatory clearances
4. Employee Matters: Preliminary terms regarding treatment of employees, included when the assets include a business operation
5. Interim Operations: Guidelines for operation of the assets during the negotiation period, relevant for operating business assets
6. Broker/Finder Fees: Declaration of any broker or finder fees, included when intermediaries are involved
1. Asset Schedule: Detailed listing and description of assets to be purchased
2. Due Diligence Requirements: List of required documents and information for due diligence
3. Transaction Timeline: Detailed schedule of key dates and milestones
4. Price Calculation: Framework for determining final purchase price, if complex or formula-based
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