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Are LOI’s Binding?
September 20, 2008
Once a buyer and seller have agreed upon the basic terms of a business sale, the buyer normally sends the seller a letter of intent to purchase a business or leased property. Letters of intent (LOIs) serve to formalize the purchase process by setting out the terms and conditions of the agreement and are generally nonbinding agreements that give the purchaser an opportunity to take a closer look at the revenues, expenses, and operations of a business before drawing up a formal contract.
Posted by Shanu Singh Guliani on September 20, 2008 | Comments (0)
