Document background
The Commercial Letter of Intent to Purchase is a crucial preliminary document in Philippine business transactions, typically used when a potential buyer wishes to formally express their serious interest in acquiring a business, assets, or property while maintaining flexibility in negotiations. This document serves multiple purposes: it demonstrates the buyer's commitment, outlines the basic structure of the proposed transaction, and establishes a framework for due diligence and further negotiations. While generally non-binding in nature (except for specific provisions like confidentiality and exclusivity), it plays a vital role in complex commercial transactions by setting expectations and timelines. The document must comply with Philippine commercial law requirements and often precedes more detailed agreements such as asset purchase agreements or share purchase agreements. It's particularly valuable in situations where parties need to establish preliminary terms before committing significant resources to due diligence and detailed contract negotiations.
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