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4. Letter of Intent Template

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Letter of Intent Template

[Your contact information]

[Their contact information]

Dear [Buyer],

This letter of intent represents basic terms for an agreement between the buyer (“Buyer”) and seller (“Seller”) noted below. This Letter of Intent is a precursor to a definitive agreement and binding contract.

For the purposes of this transaction, the Buyer is [Buyer’s name], residing at [Mailing Address], and the Seller is [Seller’s name], residing at [Mailing Address].

The transaction involves the Buyer paying the Seller the previously agreed upon amount of [purchase price spelled out] ($XXXXX.XX) (“Purchase Price”) in exchange for [description of the product/service/property/patent/etc. for sale). We’ve agreed to finalize this deal by [specify date and year], unless both parties agree to an extension.

Once due diligence has been completed, payment is expected as follows:
Upon Signing: The Purchase Price must be paid at the time of signing
At a Later Date: The Purchase Price must be paid by [specify date and year], or as mentioned in the formal agreement.
Other: _______________________________________
Upon receipt of payment, the Seller will [describe actions required, such as transferring ownership, creating account logins, etc.] by [specify date and year].

The process of creating a binding contract will initiate upon your acceptance of this letter or [date], whichever is sooner. Thank you,

[Your name and/or signature]

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