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.
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.