Truth for Muslims

For anyone who has been involved in the buying and/or selling of a small business they know that there are a lot of details that go into the process of negotiating the deal. These details are being shared with you courtesy of Vested Business Brokers in Smithtown, New York. One of the things that happens early on in the process is the signing of a “letter of intent”. A letter of intent is to the process of buying and/or selling of a small business as an engagement ring is to the process of getting married.  With a letter of intent both parties to the transaction are merely declaring interest and declaring that they will NOT persue other transaction partners for a period of time.Now this letter of intent in NOT a sacred contract that is actionable if breached. However, it’s purpose is to provide some assurance between the parties that they are interested in doing business together. It’s like to people getting engaged. They’re supposed to stop looking and only marry each other. But, like an engagement in anticipation of getting married,  if things do go downhill, the letter of intent doesn’t hold anyone to any commitment any more than an engagement ring does.

This entry was posted on Friday, January 6th, 2012 at 6:17 am and is filed under Business. Both comments and pings are currently closed.