Supporting documents are attached to the final sale agreement. The supporting documents are typical: at Turner Broadcasting, Turner and McDavid negotiated a deal in which Turner would sell two sports teams to McDavid for $96 million. On April 30, 2003, the parties signed a Memorandum of Understanding with an exclusive period of 45 days. The Memorandum of Understanding stated that the parties were bound only if the parties had complied with the final agreements. The Memorandum of Understanding expired at the end of the exclusivity period during the negotiations and the confidentiality provision was the only provision that survived such an expiration, in accordance with the provisions of the MOU. Turner did not extend the letter of action, contrary to McDavid`s request, because the parties were “very, very close to an agreement.” On July 30, Turner`s CEO said, “We have a deal.” On September 12, Turner`s chief negotiator said: “The deal is done. Let`s get documents that we can sign. On the same day, Turner signed a contract with Atlanta Spirit – another Turner bidder had already begun negotiations in August. McDavid sued Turner Broadcasting for breach of oral contract and debt. In addition to the indication of the price and payment terms of the transaction, the LOI also contains items such as the description of the assets to be acquired, any liabilities covered, the terms of the seller`s non-compete obligation agreement, the timing of due diligence and conclusion, a confidentiality provision and an exclusivity clause, commonly referred to as the “non-store clause”.

The ACT may also contain some of the most important conditions to be included in the final agreement, for example.B. The restrictions to be provided by the seller in terms of compensation. The LOI is the model used to prepare the final purchase/sale contract. One term that the parties wish to consider is the purchase price. The parties would consider including the amounts. So how much will the buyer pay the seller for the shares or assets he buys? The parties also want to think about mechanics. So how is the purchase price satisfied? On this piece, we see that the seller and buyer are diametrically opposed to interest.