Exchanging a letter of intent at the outset of a negotiation? It can make the parties feel more comfortable, explains London-based Weil, Gotshal & Manges associate Emma Robinson in this recent blog post, but it’s also imperative to ensure that it’s nonbinding. Here are her tips for avoiding a potential sticky situation:
• Say so: “A letter of intent should contain a clear, unambiguous statement that it is not intended by either party to be binding,” says Robinson. If there are binding elements to the letter, such as a confidentiality or exclusivity provision, that should be spelled out as well.
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