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Letter Of Intent To Sell Business for Austria

Letter Of Intent To Sell Business Template for Austria

A Letter of Intent to Sell Business under Austrian law is a preliminary document that outlines the proposed terms and conditions for the sale of a business. This document, while primarily non-binding except for specific provisions such as confidentiality and exclusivity, serves as a framework for further negotiations and due diligence. It operates under Austrian civil and commercial law, particularly the ABGB (Austrian Civil Code) and UGB (Austrian Commercial Code), and includes key elements such as the proposed purchase price, transaction structure, timeline, and conditions precedent. The document helps parties establish clear communication and understanding before proceeding with the more detailed definitive agreements.

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What is a Letter Of Intent To Sell Business?

A Letter of Intent to Sell Business is a crucial preliminary document used in Austrian business transactions when a company or individual intends to sell their business to a potential buyer. This document is typically used after initial discussions have taken place but before detailed due diligence and final negotiations begin. It outlines the key terms of the proposed transaction, including the approximate purchase price, payment terms, exclusivity periods, and conditions for proceeding with the transaction. While governed by Austrian law, particularly the ABGB and UGB, the document is generally non-binding except for specific provisions like confidentiality and exclusivity clauses. It serves as a roadmap for the transaction and demonstrates serious intent from both parties while allowing flexibility for detailed negotiations in the final purchase agreement.

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

1. Date and Parties: Names and addresses of both the potential seller and buyer

2. Business Identification: Clear identification of the business being considered for sale, including its legal entity form and registration details

3. Transaction Overview: Brief description of the proposed transaction structure and what assets/shares are intended to be sold

4. Proposed Purchase Price: Indicative price range or specific amount, including any potential adjustments and payment terms

5. Due Diligence: Outline of the proposed due diligence process and timeline

6. Timeline: Proposed schedule for negotiations, due diligence, and closing

7. Confidentiality: Binding provisions regarding the confidentiality of discussions and shared information

8. Exclusivity: Any exclusive negotiation period if agreed

9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions (such as confidentiality)

10. Governing Law: Specification that Austrian law governs the LOI

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

1. Break Fee: Include when parties want to specify compensation if either party withdraws from negotiations under specific circumstances

2. Financing Contingency: Include when the buyer's ability to proceed is dependent on obtaining specific financing

3. Employee Matters: Include when there are specific considerations or agreements regarding key employees or employment matters

4. Real Estate: Include when the business includes significant real estate assets that require special consideration

5. Regulatory Approvals: Include when the transaction will require specific regulatory approvals

6. Intellectual Property: Include when IP assets are a significant part of the business value

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

1. Business Description Schedule: Detailed description of the business, its operations, and key assets

2. Price Calculation Appendix: Detail of how the purchase price was calculated and any adjustments

3. Due Diligence Checklist: Preliminary list of documents and information required for due diligence

4. Timeline Schedule: Detailed timeline with specific milestones and deadlines

5. Key Assets Schedule: List of major assets included in the proposed transaction

6. Excluded Assets Schedule: List of assets specifically excluded from the proposed transaction

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

Jurisdiction

Austria

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions























Clauses




















Relevant Industries

Manufacturing

Technology

Retail

Professional Services

Healthcare

Real Estate

Financial Services

Construction

Hospitality

Transportation

Energy

Agriculture

Media and Entertainment

Telecommunications

Relevant Teams

Legal

Finance

Corporate Development

Mergers & Acquisitions

Executive Leadership

Business Development

Corporate Secretariat

Risk Management

Compliance

Due Diligence

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Managing Director

Corporate Lawyer

Business Development Manager

Mergers & Acquisitions Director

Company Secretary

Board Member

Financial Controller

Legal Counsel

Investment Manager

Business Owner

Corporate Development Director

Due Diligence Manager

Transaction Advisory Partner

Industries







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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