Draft Letter of Intent in Georgia for Consumer Goods Business
Draft
Letter of Intent
Georgia
Business
Consumer Goods
Over a week
$300 - $1,000 (Flat fee)
3 bids
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Lawyers that Bid on this Letter of Intent Project
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Other Lawyers that Help with Georgia Projects
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Letter of Intent
Texas
Can a buyer back out of a purchase agreement?
I am trying to sell my company and the buyer has gone silent. We have top terms agreed to and a LOI signed, but we have not put a purchase agreement in place yet. Can they legally back out if we have a LOI signed?
Michael S.
With the caveat that I am a Pennsylvania and not Texas attorney, most LOI's are non-binding, unless the LOI itself provides otherwise. A lawyer would need to review the LOI to determine whether the deal can be enforced. Mostly likely, however, it cannot be enforced.
Letter of Intent
Ohio
What is the purpose of a letter of intent?
I am buying a small business and have read I should put a letter of intent in place. I see they can be binding and non-binding. Why do I need to send a letter of intent? What is the benefit for the buyer?
Donya G.
A letter of intent establishes the initial negotiations of the parties; they are typically non binding. The LOI sets out what the parties should expect the agreement would look like, so that everyone is on the same page. For the buyer, it tells the seller what they want; and while no binding, it should only include terms that the parties agree upon. Those terms will be used in the Asset Purchase Agreement (APA) or Purchase and Sale Agreement (PSA) which is binding. As an attorney that focuses on the purchase and sale of businesses, I can assist you with the LOI as well as the documents required for purchasing the business and closing the deal. Donya Gordon