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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:-
Party and company details
Terms of the deal
Reps & Warranties
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)
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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
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.
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