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.
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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
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
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
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
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