The Letter of Intent to Sell is a crucial preliminary document in Austrian business practice, typically used when parties have reached a general understanding about a potential sale but need to formalize their intentions before proceeding with detailed due diligence and final documentation. Under Austrian law, while the main commercial terms in a Letter of Intent to Sell are usually non-binding, certain provisions such as confidentiality and exclusivity can be made explicitly binding. The document serves multiple purposes: it demonstrates serious intent, provides a framework for negotiations, outlines the proposed transaction structure, and establishes ground rules for the due diligence process. It's particularly important in complex transactions where significant time and resources will be invested in detailed investigations and negotiations before reaching a final agreement.
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1. Date and Parties: Full legal names and addresses of both the potential seller and potential buyer
2. Subject Matter: Clear identification of the property or business to be sold, including all relevant details and specifications
3. Proposed Purchase Price: Indication of the proposed purchase price or price range, including any preliminary payment terms
4. Timeline: Proposed timeline for due diligence, negotiation, and intended completion of the final sale
5. Due Diligence: Overview of the proposed due diligence process and access to information
6. Confidentiality: Binding provisions regarding the confidential treatment of information exchanged
7. Non-Binding Nature: Clear statement that the letter (except for specific provisions) is non-binding and subject to final agreement
8. Closing Formalities: Signature blocks and contact details for further communication
1. Exclusivity Period: Optional binding provision preventing the seller from negotiating with other parties for a specified period
2. Break Fee: Optional provision for compensation if either party withdraws from negotiations under specific circumstances
3. Conditions Precedent: Key conditions that would need to be satisfied before proceeding with the final sale
4. Governing Law and Jurisdiction: While Austrian law is applicable, explicit confirmation and jurisdiction details may be included if parties are from different countries
5. Cost Allocation: Optional provisions regarding who bears the costs of due diligence and preparation of final documentation
6. Material Terms: Outline of other key terms expected to be included in the final agreement
1. Property Description Schedule: Detailed description of the property or business being sold, including specifications, inventory, or property boundaries
2. Due Diligence Checklist: List of documents and information to be provided during the due diligence phase
3. Timeline Schedule: Detailed timeline with specific milestones and deadlines for the transaction process
4. Price Calculation Appendix: If the price structure is complex, detailed breakdown of price components and calculation methodology
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