A Letter of Intent to Purchase is commonly used in Irish business transactions as a preliminary step before entering into a definitive purchase agreement. It is particularly useful when parties want to document their serious intention to proceed with a transaction while still maintaining flexibility for negotiations. The document typically outlines key commercial terms including proposed purchase price, payment structure, timeline for due diligence, and any exclusivity arrangements. While generally non-binding except for specific provisions (such as confidentiality and exclusivity), it provides a clear framework for the transaction and helps prevent misunderstandings between parties. Under Irish law, careful attention must be paid to clearly distinguishing between binding and non-binding provisions, and ensuring compliance with relevant legislation such as the Land and Conveyancing Law Reform Act 2009 for property transactions or the Companies Act 2014 for corporate transactions.
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1. Date and Parties: Opening section identifying the date and the parties involved, including full legal names and addresses
2. Subject Matter: Clear identification of the asset, property, or business that is the subject of the proposed purchase
3. Purchase Price: Proposed purchase price or price range, including any assumptions or conditions affecting the price
4. Key Terms: Essential commercial terms including payment structure, timing, and any major conditions
5. Due Diligence: Outline of the proposed due diligence process, timeline, and access requirements
6. Exclusivity Period: Duration during which the seller agrees not to negotiate with other parties
7. Confidentiality: Statement regarding the confidential nature of negotiations and any information shared
8. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions
9. Timeline: Proposed timeline for completing due diligence and executing definitive agreements
10. Signature Block: Space for parties to sign and date the letter
1. Break Fee: Include when parties want to specify compensation if either party withdraws from negotiations
2. Deposit Terms: Include when a deposit is required as part of the transaction
3. Financing Contingency: Include when the purchase is contingent on the buyer securing financing
4. Regulatory Approvals: Include when the transaction requires specific regulatory or governmental approvals
5. Employee Matters: Include when the purchase involves a business with employees and employment considerations
6. Intellectual Property: Include when the purchase involves significant IP assets
7. Environmental Matters: Include when the purchase involves property with potential environmental concerns
8. Governing Law: Include when parties want to specify jurisdiction and governing law explicitly
1. Asset Schedule: Detailed list of assets included in the proposed purchase
2. Key Terms Sheet: Summary of principal commercial terms in table format
3. Due Diligence Checklist: Preliminary list of documents and information required for due diligence
4. Timeline Schedule: Detailed timeline with key milestones and deadlines
5. Exclusions Schedule: List of specific assets or liabilities excluded from the proposed transaction
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