Letters of Intent vary in length and amount of detail; however, the goal is to provide enough detail so the major concerns are defined but not so much detail that the document borders on a purchase sale agreement. The following information is found in a well_structured LOI: A. Date of the LOI. B. Names and Titles_This area should include the complete names of the buying, selling and brokerage companies and the individual signatories for each of these companies along with their corporate titles... President, Secretary, Partner, Managing Member... etc. C. Contact information for each of the companies and their representatives.
Contingencies _ The buyer's offer is contingent upon certain keys facts being confirmed. One example may be confirming that the current lease is transferable to the new owner. Also, their willingness to buy is contingent upon the due diligence period confirming that everything you have stated about the business is true.