Letter of Intent for Business Proposal

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Example for Letter of Intent for Business Proposal

From:

Jennifer Smith
CFO
Gatsby Enterprises
New York

Date: April 25rd, 2020

To,

William Hanks
Director
Hans Technologies
California

Dear Mr. Hanks,

We are writing this letter of intent to express our interest in purchasing your company Hans Technologies along with its inventory and assets. We anticipate that the conditions of proposed deal would be as mentioned below.

Gatsby Enterprises would acquire Hans Technologies which will include the office located at 15 Gibson Towers, California along with the company’s logo, brand equity and clients. We would also be acquiring all the office equipment and furniture along with the inventory. As per the information provided by you, there is an outstanding debt of $25,000.

We propose to provide a compensation of $350,000 which will be released in different stages. The first transfer of $50,000 on the date of execution of purchase agreement. The second transfer of $ 75,000 after 15 days from date of purchase agreement. The rest of the amount will be transferred in six equal instalments over six months after the closing has taken place.

While we finalize the agreement, we would require that all kinds of purchases should be ceased from your end so that we have enough time to finalize the deal. As a part of this letter of intent, we also request you to not disclose about this purchase agreement. Legally, you can only disclose our intent to purchase once the agreement is complete and we have made that public with a joint press release.

This is just a letter of intent for purchase and not an official agreement for purchase. The detailed information on all the terms and conditions of the proposed agreement will be mentioned in the final Purchase Agreement that will be a result of mutual agreement by both the parties after negotiation and discussion. We expect that if we are chosen to be one of the prospective buyers then we must not take more than 30 days in order to close the deal.

We will look forward to hear from you.

Sincerely,
Jennifer Smith
CFO
Gatsby Enterprises, New York

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