Clarify the essential differences between specific legal documents and learn best practices for the use of letters of intent.
Too often, Letters of Intent are used in place of term sheets, or even contracts, because legal practitioners--or, more commonly, their clients--fail to understand the essential differences between letters of intent, term sheets, and contracts. Using the right document for the right purpose, at the right time is essential to every deal. Failure to do so can lead to negative consequences, such as inadvertent disclosures of confidential information, premature contract formation, unclear contract terms, unintentional partnerships or joint ventures, or failed negotiations.
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Agenda
Essential Qualities of Letters of Intent
- Written Letter
- Containing Clearly Stated Terms of a Proposed Deal
- Not Legally Binding
Best Use Cases of Letters of Intent
- Any Proposed Deal
- When Parties Are Unclear
- When Terms Are Unclear
- When Nature of Activity Is Unclear
Letters of Intent and Due Diligence
- Letters of Intent Issue Before Due Diligence
- Due Diligence Is Used to Verify Disclosures in Letters of Intent
- Final Terms May Differ From Those in Letters of Intent Based on Due Diligence Results
Letters of Intent vs. Contracts
- Letters of Intent, Term Sheets, and Parole Evidence
- Legally Binding vs. Non-Binding
- Elements of a Contract
- Offer
- Acceptance
- Consideration
- Recommended Disclaimers
Letters of Intent and NDAs
- Necessary and Essential Disclosures
- Limiting Disclosures
- Non-Disclosure Agreements
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 23, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Noel R. Bagwell, III, Esq.
ExecutiveLP®
• Operates ExecutiveLP®, a virtual law firm based in Nashville, Tennessee
• Has won numerous awards, including the Tennessee Supreme Court’s Attorney for Justice award for his pro bono work with veteran entrepreneurs, as well as the Clarksville, TN Mayor’s Certificate (2019) for his contributions to the business community in that city, which, in 2019, Money magazine named the Best Place to Live in America
• Exclusively works with business clients to transform their legal support from a cost center to a profit engine, through ExecutiveLP’s legal operations install service, Profit from Legal™, and ExecutiveLP’s Legal Lifeline and Signet™, outside general counsel services
• Author of How to Structure Your Business for Success, a book of legal guidance for startups interested in putting their new venture on a firm legal foundation; Profit from Legal, an upcoming book structuring legal operations around the use of legal key performance indicators to create the conditions necessary for legal support to generate a posi-tive ROI for businesses; and numerous print and electronic articles for the Nashville Bar Journal and various blogs
• The host of the Profit from Legal Podcast
• J.D. degree, Cumberland School of Law at Samford University; Scholar of Merit: Economic Analysis of Law; B.A. degree in Philosophy, minor in international studies, Austin Peay State University
• Can be contacted at 615-716-0606 (option 5) and [email protected], on LinkedIn: https://www.linkedin.com/company/2779139/; LinkedIn Group: https://www.linkedin.com/groups/13936380/; on Twitter: @ExecutiveLP; https://www.twitter.com/ExecutiveLP; Facebook: https://www.facebook.com/ExecutiveLP; or Fa-cebook Group: https://www.facebook.com/groups/profitfromlegal
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