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.
State that, no binding contract is to come into effect, except to the extent set out in the letter and that neither the letter nor any work done or payment made under the letter shall be deemed to be a waiver of the requirement to provide a binding contract. Finally, every effort should be made to finalise the contract as soon as reasonably practicable after the letter of intent has been signed.