No solicitation of employees of the business by the purchaser: Till the proposed sale materializes, or in the event that such sale does not materialize, the purchaser shall abstain from trying to recruit or solicit the services of any employee of the business.
A letter of intent or LOI can be used in many different circumstances and is an outline of an agreement between two or more parties before it is finalized. These letters of intent spell out all the particulars so that each company or party entering into the agreement has a better understanding of what is involved. Letters of intent are used in many different faucets of the business world and are similar to a written contract only not as binding. A letter of intent is exactly how it sounds; it is a letter that is stating an intended purpose.