A letter of intent (LOI) used to begin negotiations between a seller and buyer or a customer and service provider in a commercial transaction. This Standard Document, with some non-substantive changes in formatting, may also be referred to as a term sheet or memorandum of understanding. This precedent is a non-binding document that can be used between parties to a prospective sale of goods or services contract. This agreement outlines the main issues on which the parties have reached agreement for the contemplated transaction before entering into a final and binding contract. While the document usually does not compel the parties to proceed with the contemplated deal, certain terms may, however, be legally binding even if the parties do not proceed with the transaction, such as terms addressing confidentiality, exclusivity, due diligence, and intellectual property obligations. For more information on commercial transactions see the Commercial Law.
The FL Dr@ft (as defined below) are provided for your reference only and have been developed for companies incorporated in Canada.
You acknowledge and agree that the making available of these automated documents and questionnaires (the “FL Dr@ft”) to you by Fauri Law shall not create any attorney-client or other confidential or special relationship between you and Fauri Law and does not constitute the provision of legal advice or other professional advice by Fauri Law. You should seek advice from a lawyer licensed in the relevant jurisdiction(s), as well as a tax professional, before relying on the FL Dr@ft. Additionally, the information provided in the FL Dr@ft and the questionnaire does not constitute tax advice. You further agree and acknowledge that the FL Dr@ft documents have not been prepared with your specific circumstances in mind, may not be suitable for use in your business, and do not constitute tax advice. Relying on these FL Dr@ft documents, you assume all risk and liability that may result. You should not use FL Dr@ft documents and you should consult your tax, accounting and/or legal advisors in the event the business you are considering organizing has material existing assets, liabilities or operations, or if any assets or contributions are being made by a founder that would cause the value of the company to be anything other than minimal.
Review all documents carefully for accuracy before using them.
FAURI LAW PROVIDES THESE TERMS ON AN “AS IS” BASIS, AND SPECIFICALLY DISCLAIM ALL WARRANTIES, TERMS, REPRESENTATIONS AND CONDITIONS WHETHER EXPRESS, IMPLIED, OR STATUTORY, AND INCLUDING ANY WARRANTIES, TERMS, REPRESENTATIONS AND CONDITIONS OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NONINFRINGEMENT. WHILE WE TAKE PRECAUTIONS TO PROTECT THE SECURITY OF YOUR INFORMATION, WE CANNOT GUARANTEE IT. You confirm that you have the authority to share any information that you provide about any entity or other individuals. In the ordinary course of the document generation software powering the FL Dr@ft, the software may temporarily store and locally cache data you enter (including copies of the resulting documents generated). You further confirm that any information you provide is non-confidential. We cannot and do not guarantee the confidentiality or security of any data you provide.
These terms and the operations or availability of the FL Dr@ft document automation may be changed by Fauri Law, with or without notice, at its sole discretion.