When an LOI falls through…

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by a professional from Yale University - School of Management
in Atlanta, GA, USA

2yrs ago

When an LOI falls through…

Are there any steps necessary to “release” the seller legally from the LOI if the deal falls apart? It seems like it would require more than just a verbal acknowledgement that it won’t work out given the exclusivity clauses, but I don’t know what is standard practice.

any thoughts?

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reply by a professional 2yrs ago
from University of New Haven in Cromwell, CT, USA

I would agrue for - in the LOI the release of both parties if there is an agreement not to proceed. It is a strategy or ask that may not be accepted depending on the buyer.

reply by a professional 2yrs ago
from University of Michigan in Detroit, MI, USA

Hi ^redacted‌, as Oliver notes, your LOI should cover this eventuality. If it doesn't, the parties to a contract can always terminate by mutual consent. Get it in writing so that there can be no dispute later (just in case). Let me know if you want to discuss further. Always happy to help. DM me here or email me at redacted