Tag: Binding Agreement

December 9, 2021
A letter of intent (“LOI”) may be used to identify and frame the deal terms of a potential transaction. LOIs may be binding, non-binding, or partially binding. In our experience, effective LOIs are typically partially binding, with the non-binding provisions relating to the description of the transaction, price, quantity, or delivery and with the binding provisions relating to the parties’ duties of confidentiality, due diligence, and exclusivity.