Other Terms and Conditions: This letter of intent sets out the conditions of the proposed sale and is dependent upon the signing of a definitive agreement by and concerning the buyer, seller and the company. The definitive agreement shall hold the schedules, representations, covenants, indemnities and all other provisions according to the terms and conditions of the letter of intent and following all standard conventions in regard to all usual and applicable commercial practices.
2.) Some buyers will want to skip the LOI and instead submit a full purchase contract. They figure, why should they pay their lawyer to draw up both documents. But a purchase contract requires a significant amount of time and attorneys fees to draft. Once the buyer has made this big investment in legal fees, it puts a lot of pressure on them that is detrimental to the negotiating process.