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Kramer Levin Naftalis & Frankel LLP

Letters of Intent: A Litigation Trap for the Unwary

Kramer Levin Naftalis & Frankel LLP on

Letters of intent, or LOIs, serve an important purpose in corporate deals and M&A, and their use is widespread. Equally widespread is litigation concerning their enforceability. Unless commercial parties are careful, they may...more

Akin Gump Strauss Hauer & Feld LLP

“A letter of intent is the invention of the devil [that] should be avoided at all costs.” -- Stephen R. Volk, Esq. regarding the...

Akin Gump Strauss Hauer & Feld LLP on

A Dallas jury recently reminded us why Mr. Volk lamented letters of intent. Enterprise Products Partners, L.P. is currently appealing that jury’s finding of $319MM in actual damages and $914MM for improper benefits due to...more

Sheppard Mullin Richter & Hampton LLP

When Is a Non-Binding Term Sheet or Letter of Intent Enforced as a Binding Contract?

Sheppard Mullin Richter & Hampton LLP on

In almost all corporate transactions, the first piece of written documentation the parties exchange and execute (after a non-disclosure agreement) is a letter of intent or term sheet (“LOI”), which is intended to summarize...more

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