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GLOSSARY

Letter of intent (LOI) definition

Published by a LexisNexis Construction expert

What does Letter of intent (LOI) mean?

A document setting out terms to allow a contractor to commence work on a project before complete formal contract documents are agreed and finalised. A letter of intent is usually limited to work for a defined period of time or works up to a limited specified value.

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Transaction planning and preliminaries phase in private equity buyout transactions

Transaction planning and preliminaries phase in private equity buyout transactions This Practice Note is part of the Lexis+® UK Corporate private equity buyout transaction toolkit. Timing A private equity buyout (MBO) transaction will begin with negotiations between the parties aimed at agreeing the outline of the commercial terms in principle. Unlike a standard share or asset purchase transaction, the parties to the negotiations are three-fold, being the investor/private equity fund, the seller and management (who in some cases may have interests in the seller and/or the target). The main terms to be agreed in order to establish whether there is a deal to be concluded will always be the price to acquire the relevant business (usually by way of share sale) and management equity post-completion. There are, however, a variety of issues both commercial and legal which will need to be addressed at the outset of a potential transaction. Once the main commercial terms are agreed in principle, consideration of the main legal issues is underway...

Quantum meruit in construction

Quantum meruit in construction This Practice Note looks at what quantum meruit is, the most common situations in which a quantum meruit claim may arise in relation to a construction project, and how the court may value the claim and determine what constitutes a ‘reasonable sum’. See also, more generally, Practice Note: Quantum meruit (value of services) and quantum valebat (value of goods). What is quantum meruit? The term ‘quantum meruit’ means ‘as much as he has earned’ and a quantum meruit claim means that a party is claiming a reasonable sum—ie the amount that it deserves, taking into account the works or services that it has performed. When does a quantum meruit claim arise? A claim on the basis of quantum meruit will arise out of a situation which, for one reason or another, involves an element of uncertainty as to the amount due to the contractor. In general, a claim for quantum meruit indicates that there is no contract between the parties in respect of the...

Discover our 3 Practice Notes on Letter of intent (LOI)

Heads of terms—non-leveraged investment—second round investment—equity

Heads of terms—non-leveraged investment—second round investment—equity [ On letterhead of the Investor ] Strictly private and confidential [insert company name] [insert company address] [insert Founder names] [insert contact address of Founders] (Founders) Date: [insert date] SUBJECT TO CONTRACT Dear Directors and Founders, Proposed investment in [insert name and registered number of company] (Company) 1 Introduction 1.1 Further to our recent discussions, this letter sets out the principal terms and conditions upon and subject to which we have agreed to make a further investment in the Company (Proposed Investment). 1.2 The terms in this letter are not exhaustive and, with the exception of this paragraph 1.2 and paragraphs 8, 9, 10 and 11, are subject to contract and not intended to be legally binding on the parties. No party to this letter shall be legally bound to proceed with the Proposed Investment unless and until a formal written subscription [and shareholders’] agreement is entered into. 2 Equity 2.1 The Investor will subscribe for additional institutional equity as follows: Class...

Letter of intent—outsourced services

Letter of intent—outsourced services Strictly private and confidential To: [Insert name of Customer party] (a company registered in [England and Wales], with company registration number [insert] whose registered office is at [insert address]) (you). [Insert customer address] Date: [insert date] Subject to contract (EXCEPT AS EXPRESSLy STATED) Dear [insert name] Letter of intent regarding proposed outsourcing agreement Further to the discussions between you and [insert name of Supplier party] (the Supplier) on [insert date(s)] and subject to contract (except as expressly stated), this Letter of Intent (LOI) sets out the main commercial terms which have been provisionally agreed between our organisations (collectively, us or we) on the proposed agreement relating to the provision of [insert description] outsourced services (the Services) (the Proposed Agreement). We each agree that: 1 Duration and status 1.1 We intend to negotiate and (subject to the written agreement by each of us in our sole discretion) execute the Proposed Agreement no later than [90] days from the date on which the...

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