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Letter Of Intent To Sell Business for Philippines

Letter Of Intent To Sell Business Template for Philippines

A Letter of Intent to Sell Business under Philippine law is a preliminary document that outlines the proposed terms and conditions for the sale of a business. This document, while generally non-binding except for specific provisions like confidentiality, serves as a framework for future negotiations and the eventual definitive agreement. It addresses key aspects such as the proposed purchase price, transaction structure, due diligence requirements, and timeline, all while complying with Philippine corporate law, securities regulations, and commercial practices. The document provides both parties with a clear understanding of the proposed transaction while maintaining flexibility for detailed negotiations in the final purchase agreement.

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What is a Letter Of Intent To Sell Business?

The Letter of Intent to Sell Business is a crucial preliminary document used in Philippine business transactions when a business owner intends to sell their enterprise to a prospective buyer. This document serves as the first formal step in the business sale process, outlining key terms and conditions while allowing flexibility for further negotiations. While primarily non-binding, certain provisions such as confidentiality and exclusivity may be specifically marked as binding. The document must comply with Philippine corporate laws, particularly the Corporation Code (Republic Act No. 11232) and relevant provisions of the Civil Code. It typically precedes the more detailed Share Purchase Agreement or Asset Purchase Agreement and is essential for establishing clear communication between parties and facilitating the due diligence process. The document is particularly important in the Philippine context where business relationships and preliminary agreements play a significant role in commercial transactions.

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

1. Date and Parties: Full legal names and addresses of both the intended seller and buyer, including registration details for corporate entities

2. Expression of Intent: Clear statement of the seller's intention to sell and the buyer's intention to purchase the business

3. Business Description: Detailed description of the business being sold, including legal name, registration details, and nature of business

4. Proposed Transaction Structure: Overview of how the sale will be structured (asset sale, share sale, etc.) and key assets/liabilities included

5. Proposed Purchase Price: Indicative purchase price or price range and proposed payment terms

6. Due Diligence: Statement regarding the buyer's right to conduct due diligence and the seller's cooperation

7. Timeline: Proposed timeline for due diligence, definitive agreement, and closing

8. Confidentiality: Statement regarding the confidential nature of the negotiations and information shared

9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions

10. Closing and Signature: Signature blocks for authorized representatives of both parties

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

1. Exclusivity Period: Used when parties want to establish an exclusive negotiation period during which the seller cannot entertain other offers

2. Break-up Fee: Include when parties want to specify compensation if either party terminates negotiations without cause

3. Key Employee Retention: Used when retention of specific employees is crucial to the transaction

4. Governing Law: Include when parties want to specify which Philippine jurisdiction's laws will govern the LOI

5. Conditions Precedent: Used to outline key conditions that must be met before proceeding with the final transaction

6. Dispute Resolution: Include when parties want to specify how disputes regarding the LOI will be resolved

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

1. Business Assets Schedule: Preliminary list of major assets included in the proposed sale

2. Key Financial Information: Summary of important financial metrics and performance indicators

3. Excluded Assets/Liabilities: Preliminary list of assets or liabilities specifically excluded from the proposed transaction

4. Due Diligence Requirements: Initial list of documents and information required for due diligence

5. Timeline Schedule: Detailed timeline with key milestones and deadlines for the proposed transaction

Authors

Alex Denne

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

Jurisdiction

Philippines

Document Type

Letter of Intent

Cost

Free to use
Relevant legal definitions
























Clauses
























Relevant Industries

Retail

Manufacturing

Technology

Healthcare

Food and Beverage

Real Estate

Professional Services

Hospitality

Construction

Transportation and Logistics

Education

Financial Services

Agriculture

Entertainment and Media

Energy and Utilities

Relevant Teams

Legal

Finance

Corporate Development

Mergers & Acquisitions

Executive Leadership

Business Development

Operations

Compliance

Due Diligence

Corporate Secretariat

Relevant Roles

Chief Executive Officer

Managing Director

Business Owner

Corporate Lawyer

Chief Financial Officer

Business Development Manager

Investment Banker

Mergers & Acquisitions Director

Corporate Secretary

Legal Counsel

Finance Director

Board Member

Commercial Director

Operations Director

Due Diligence Manager

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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