Document background
The Letter Of Intent Termination document is essential in Canadian business transactions where parties need to formally conclude preliminary agreements or negotiations that were initiated through a Letter of Intent. This document becomes necessary when parties decide not to proceed with the contemplated transaction, when negotiations have reached an impasse, or when circumstances have changed making the original intent no longer viable. The Letter of Intent Termination should clearly reference the original LOI, state the termination date, address any surviving obligations, and handle confidentiality matters. It must comply with Canadian federal and provincial laws, including specific considerations for Quebec's Civil Code where applicable. This document is particularly important in maintaining clear business records and protecting both parties' interests during the discontinuation of preliminary agreements.
