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A simple letter of intent in relation to investment in a company. This represents the good faith intentions of the parties to proceed but is not legally binding even though it is a signed document. The signature is only to witness the willingness the parties have in investing in the company in exchange for ownership and not to actually enter into a contract.
On the basis of mutual discussions, Party 1 and Party 2 intend to negotiate the investment amount in exchange for a certain ownership percentage in the company. The purpose of this letter of intent is to set forth the current understanding of the parties in respect of the proposed investment transaction.
Other clauses regarding the operational aspects of the proposed transaction are also mentioned in the letter of intent, including investment conditions, confidentiality and term. If a dispute arises, a dispute resolution has been suggested in the letter of intent. But whether the resolution would be put into practice depends on whether it has been actually included in the final contract concluded.
This document should be carefully read by the parties.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.