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OnDemand Course

Nonbinding Legal Documentation in Commercial Transactions

Avoid unintended financial obligations by utilizing express disclaimer language and limiting drafting ambiguity.

Business attorneys handling an acquisition or sale of a company are often asked to review or prepare a term sheet, indication or interest, or letter of intent as a first step in the transaction. This material is intended to provide you with a better understanding of nonbinding documentation that precedes a business transaction, and focuses on documents frequently used for business acquisitions of privately held companies. Topics will include; deciding when to use nonbinding documentation, drafting effective provisions for letters of intent and other nonbinding documentation, key provisions to include, differences for stock and asset acquisitions, and recent court decisions involving the effect on nonbinding documentation. The information will provide and discuss specific examples of provisions from letters of intent and will recommend drafting techniques to help ensure your client's interests are served by the letter of intent you prepare. The target audience for this program is attorneys with an intermediate level of experience in business acquisitions. Business executives, accountants, brokers, and others involved in business transactions will also find the program informative.

94 minutes
Certificate of Completion
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Why Lorman?

Over 34 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.

Agenda

Typical Nonbinding Documentation Used in Commercial Transactions

  • Indications of Interest (IOIs)
  • Memoranda of Understanding (MOUs)
  • Term Sheets
  • Letters of Intent (LOIs)

Motivation for Creating Nonbinding Documentation

  • Confirm Basic Transaction Terms
  • Cost Reimbursement
  • Exclusivity

Frequently Used Nonbinding Provisions

  • Purchase Price (Net Working Capital, Earn-Outs, Escrow or Hold-Back)
  • Provisions for Employment, Consulting, or Services
  • Provisions as to the Definitive Agreement
  • Due Diligence Process
  • Indemnification
  • Conditions to Closing
  • Transaction Schedule

Binding Provisions - Even in Nonbinding Documentation

  • Exclusivity
  • Confidentiality
  • Fees
  • Other

When Courts Treat Nonbinding Provisions as Binding - and How to Avoid That Result

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Why Lorman?

Over 34 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on June 28, 2019.

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.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

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 34 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

Erich W. Merrill, Jr.

Erich W. Merrill, Jr.

Miller Nash Graham & Dunn LLP

  • Partner at Miller Nash Graham & Dunn LLP, in Portland, Oregon, with over 35 years of experience in representing clients in business transactions, including mergers and acquisitions for privately held businesses
  • Handled business sales and purchases for clients in a variety of industries, including logistics, medical devices, biotechnology, computer software, beverages, clean-room technologies, sports apparel, brokerage, financial services, wood products, metal fabrication, transportation, and specialty gases
  • Speaks frequently on topics related to selling and buying businesses
  • Recently presented seminars on Nonbinding Legal Documentation in Commercial Transactions, and Seller's Representations and Warranties in Business Transactions
  • Past president of the Business Law Section of the Oregon State Bar, served as leader of his firm's Corporate and M&A team, is listed in Best Lawyers of America, and is a Super Lawyer
  • J.D. degree, Harvard Law School
  • Can be contacted at 503-205-2504 or [email protected]
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Why Lorman?

Over 34 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.

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  • State Specific Credit Tracker
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Product ID: 405695
Published 2019
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