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Letter Of Intent To Sell Business

Letter Of Intent To Sell Business Template for Singapore

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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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What is a Letter Of Intent To Sell Business?

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.

What sections should be included in a Letter Of Intent To Sell Business?

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

What sections are optional to include in a Letter Of Intent To Sell Business?

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

What schedules should be included in a Letter Of Intent To Sell Business?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



























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Industries

Companies Act (Cap. 50): Primary legislation governing corporate transactions, requirements for transfer of shares/assets, and corporate governance requirements in Singapore

Sale of Goods Act (Cap. 393): Regulates the transfer of business assets, including warranties and conditions of sale

Competition Act (Cap. 50B): Covers merger control provisions and requirements for notification to the Competition and Consumer Commission of Singapore (CCCS)

Employment Act (Cap. 91): Governs the transfer of employees, protection of employment rights, and Central Provident Fund obligations

Personal Data Protection Act 2012: Regulates the transfer of customer/employee data and data protection obligations during business transfers

Stamp Duties Act (Cap. 312): Covers stamp duty implications for transfer of shares and property in business sales

Income Tax Act (Cap. 134): Addresses tax implications and capital gains considerations in business sales

Contract Law & Related Acts: Based on Singapore common law principles, including Misrepresentation Act (Cap. 390) and Unfair Contract Terms Act (Cap. 396)

Conveyancing and Law of Property Act: Governs the transfer of real estate assets if property is included in the business sale

Intellectual Property Laws: Collection of laws governing transfer of IP assets including Registered Designs Act, Patents Act, and Trade Marks Act

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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