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LETTER OF INTENT (LOI)
A letter of intent (LOIs) is a legal document declaring the preliminary commitment of one party to do business with another. The letter outlines the key terms of a prospective deal. These are commonly used in major business transactions and are similar in content to the Term Sheets.
Contents of Letter of Intent (LOI)
The following clauses form part of a well drafted LOI:-
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Party and company details
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Terms of the deal
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Payment terms
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Lock-in
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Drag along
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Tag along
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Reps & Warranties
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Exit rights
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Indemnities
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Governing law
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Dispute Resolution
Laws governing LOI in India
The different laws which govern various aspects of LOI in India are as follows:
- Companies Act, 2013 and various rules framed thereunder
- The Indian Contract Act, 1872
- Foreign Exchange Management Act, 1999
- Consolidated FDI Policy, 2020
- RBI Policies
- Competition Act, 2002
- SEBI Guidelines (in case of listed company)
Why LegalKart?
- Senior Corporate Expert Lawyers: We will get your document drafted/reviewed by Senior Expert Corporate lawyers. You can track the progress of your document on our platform at all times.
- 4.5 Customer Score: Clients are delighted with our service! They have consistently rated us high because of our focus on delivering quality output and providing regular updates.
- Responsible Delivery: Our team of experienced business advisors are just a phone call away. Our team will ensure that your interaction with the expert lawyer is smooth and seamless and the document draft is delivered to you within the committed timeline.
Deliverables
Our standard deliverables for every document drafting includes:
- 60 Minutes of Talk-Time with the Lawyer for drafting/reviewing the Agreement
- First draft of the documents will be delivered to you within a maximum of 2 working days
- Post-delivery of the first draft – Iterations in the master Document to incorporate your suggestions/changes
Agreeements & Contracts
Letter of Intent
₹3999
₹ 7999 (50% Off) ₹4000 SaveGross Total
₹3999
Deliverables *
a) A detailed call with the Expert Lawyer who will understand your requirements for Letter of Intent.
b) The First Draft shall be delivered in just 3 days.
c) Discussion to accommodate your suggestions.
We Accept
Frequently Asked Question
How is Letter of Intent used?
A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another. The letter outlines the chief terms of a prospective deal. It is used in major business transactions.
Are LOIs and Term Sheet similar?
LOIs and Term Sheet perform the similar function. However, the manner in which these are written might differ.
Is it mandatory to enter into LOIs?
It is not mandatory to enter into LOIs. However, it is always advisable to do so. LoIs helps to capture details of the dealings and transation between the parties, and also assign rights and obligations on both of them.
This helps to reduce the chances of any disputes in the future.
Does LOI contain NDA restrictions as well?
Yes, LOIs include non-disclosure agreements (NDAs), which contractually stipulate the components of a deal both parties agree to keep confidential, and which details may be shared publicly.
Many LOIs also feature non-solicitation provisions, which forbid one party from poaching the other party's employees or clients.
What our users have to say
I was planning to buy a plot in Nagpur. Before buying the land, I wanted to get all the documents verified and ensure it is free of fraud and forgery. LegalKart undertook every step carefully and their team was very responsive. I am impressed by their professionalism and would highly recommend their service.
Kishore Kamble, Pune
I had purchased a flat in Bangalore. The builder had delayed possession from the committed date. I was paying a high EMI and rent which increased my monthly cash outflow and this left me with no money at the end of the month. I was very stressed and didn’t know what to do. I came across LegalKart and their Property Expert Lawyer advised me to send a legal notice to the Builder and also appeal to the RERA for the delayed possession. I got compensation from the builder for the delay and finally also got possession of my flat.
B. Sivakumar, Bangalore
Our Clients
Agreeements & Contracts
Letter of Intent
₹3999
₹ 7999 (50% Off) ₹4000 SaveGross Total
₹3999
Deliverables *
a) A detailed call with the Expert Lawyer who will understand your requirements for Letter of Intent.
b) The First Draft shall be delivered in just 3 days.
c) Discussion to accommodate your suggestions.