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Drafting a Letter of Intent without the Pitfalls

Drafting a Letter of Intent without the Pitfalls

By Nina Kaufman, Esq.

Letters of intent can be dangerous things in the wrong hands.  Also called memoranda of understanding, term sheets, or discussion sheets, a letter of intent (LOI) is a document that outlines an agreement between two or more parties before the agreement is finalized.  Kinda like a “pre-agreement agreement.”  Paradoxically, entrepreneurs often use LOIs when they want a commitment from each other, but not a legally binding commitment.  They will use them to clarify the key points of a complex transaction for the convenience of the parties declare officially that the parties are currently negotiating, as in a merger or joint venture proposal provide safeguards in case a deal collapses during negotiation Here’s the problem with letters of intent: Depending on the exact wording, LOIs can bind you just as much as any other kind of contract.  Even if that wasn’t your intent.  In fact, an agreement doesn’t have to be labeled an “agreement” or a “contract” in order to be legally binding.  Whether or not a document constitutes a binding contract depends only on the…

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Nina Kaufman

Flying solo doesn’t have to mean going it alone.

I’m Nina Kaufman.

I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.

With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.

And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.

I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.