Some Facts to Keep in Mind About The Letter Of Intent 1.) Don't accept an LOI that grants the buyer exclusive negotiation rights unless the Due Diligence period is short. 10┰ days of DD is sufficient for most small businesses. Some buyers will ask for exclusivity and a 2 month DD period. Your other prospects will eventually lose interest, leaving you with just one buyer. Then your one buyer will start asking for all sorts of concessions from you.
Closing shall be on or before specified date at a place and time agreeable to all parties. From the signing of this letter of intent until Closing, Seller shall operate its business under the normal course of business and Seller shall not present, enter into discussions, or offer to sell its business to any other party. This paragraph shall be binding on the parties although the balance of this letter only expresses the intentions of the parties.