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Letter of Intent (General)

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Letter of Intent (General)

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English
    English & Arabic
  • Document No 0000643
  • Version V 1.0
  • Last Updated 12-27-2023
  • Reviews 0
Document Summary

A letter of intent is a non-binding document that records the preliminary agreement of its parties to negotiate and draft all terms of a commercial contract, and eventually be signed by them, becoming a binding instrument. Each party has the right to cease discussions and negotiations without any obligation to sign the final contract.

Description

Some provisions survive termination of the LOI, such as the confidentiality clause.

The parties may also agree in the letter of intent that neither party may exit the LOI before a certain timeline and if such an event occurs, the exiting party would be liable to compensate the other party.

Typically, after signing the letter of intent, the parties commence the due diligence process.

Jurisdiction

This document is intended for use in the United Arab Emirates.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.

Before Execution

  • The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
  • Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
  • Please remove the square brackets and all highlighting prior to signature.