Like any other contract or written agreement, letters of intent are important business documents that record the terms discussed in negotiations for a particular transaction. Accomplishing a variety of business objectives, when writing a letter of intent, one wants to make sure to include the following four elements: Terms and Condition In most situations – other than for buyers of a business – letters of intent should establish as many details as possible to describe…
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All commercial contracts have a number of material provisions at the end of the agreement which most people think of as “boilerplate” provisions and which most company representatives overlook when negotiating and signing the contract. Ironically, when a dispute arises, the statistics show that it is the “boilerplate” provisions that are most heavily litigated. This is because of the serious consequences that these can provisions have when a contract dispute arises. An experienced business lawyer…
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Many types of contracts have an arbitration clause, but should you include one in yours? Arbitration is a type of dispute resolution that happens outside of the courtroom when two parties come to a crossroad over a contract dispute. The ruling of an arbitrator can have the same weight as the ruling of a judge. Arbitration can be either voluntary or mandatory, which comes with advantages and disadvantages. Hence, it is of utmost importance that…
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Tough negotiations are part and parcel when it comes to buying or selling a business. All involved parties will do whatever they can to protect their interests in the deal, and all parties are responsible for taking the necessary steps to protect themselves throughout the purchase and sale process. If you are entering negotiations to buy or sell a business and approaching the phase in which you need draft the terms for an actual letter…
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