Document background
A Letter of Intent to Sell is commonly used in Singapore as a preliminary step in significant sales transactions. It serves as a formal expression of the seller's willingness to enter into negotiations and provides basic terms of the proposed sale. While not typically legally binding as a whole, certain provisions (such as confidentiality clauses) may be explicitly made binding. The document helps establish clear communication between parties and can be used to secure preliminary commitments while detailed agreements are being prepared. Singapore's robust legal framework provides clear guidelines for such documents, making them an effective tool in commercial transactions.
