A Letter of Intent to Sell Business is commonly used in Singapore as the first formal step in a business sale transaction. It serves to document the serious intention of both parties to proceed with the transaction and outlines the fundamental terms of the proposed deal. This document, while generally non-binding except for specific provisions like confidentiality, provides a framework for further negotiations and due diligence. It typically precedes the definitive purchase agreement and helps parties align their expectations while complying with Singapore's corporate and commercial law requirements. The LOI helps establish clear communication between parties and can be used to secure exclusivity periods for negotiations.
Letter Of Intent To Sell Business for Singapore
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Key Requirements PROMPT example:
Letter Of Intent To Sell Business
"I need a Letter of Intent to Sell Business for my Singapore-based manufacturing company with annual revenue of $5M, including an exclusivity period of 60 days and targeting completion by March 2025."
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1. Identification of Parties: Full legal names and details of buyer and seller
2. Expression of Intent: Clear statement of intention to sell/purchase the business
3. Business Description: Details of the business being sold including assets, operations, and structure
4. Proposed Purchase Price: Indicative price or price range for the transaction
5. Due Diligence Period: Proposed timeframe for conducting due diligence
6. Confidentiality: Statement regarding confidential treatment of information
7. Timeline: Proposed schedule for completing the transaction
1. Exclusivity Period: Period during which seller won't negotiate with other parties - used when buyer requires exclusive negotiation rights
2. Key Terms: Major terms and conditions of the proposed transaction - used when parties want to outline specific deal terms
3. Deposit Terms: Details of any deposit to be paid - used when a deposit is part of the transaction
1. Asset Schedule: List of major assets included in the sale
2. Financial Summary: Key financial information about the business
3. Corporate Structure: Organization chart or corporate structure diagram
4. Key Contracts: List of major contracts to be transferred
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