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Letters of Intent in Spain

Commit to your new venture with your rights’ protected

 

Our corporate lawyers will guide you through the process step-by-step.

How can a lawyer help me?

A Letter of Intent is usually a statement of the transactions’ principal terms. By engaging a lawyer at this stage your transaction will have a solid foundation and will be positioned for success. Working with a legal expert will save you time, money and stress in the later stage of the transaction.


At Lexidy LegalTech Boutique, our lawyers will guide you through the preparation of the Letter of Intent. They will also provide all the necessary legal support at each of the stages of the transaction.

¨We will be with you each step of the journey.¨

 

What is a Letter of Intent?

A Letter of Intent is the start of an exciting chapter in your business or venture. Essentially, it’s a document that declares the initial commitment of one party to do business with another but in a reality, it’s the execution of business strategy and its success. This document can also be as a Term Sheet or Memorandum of Understanding.

How is the document structured?

The Letter of Intent usually covers the following:

  • The subject matter of the transaction.
  • The price.
  • Financing details.
  • Whether the offer is binding or not.
  • Internal and third-party approvals, if applicable.
  • Due Diligence terms.
  • Future plans for the target company.

Typically, the buy-side will always aim for the Letter of Intent to not be legally binding but exclusive, This helps gives them more flexibility to withdraw from the transaction but prevents the seller from seeking other parties who may be interested.

Conversely, the Sell-side will want the letter to be binding from the outset as they will have to release sensitive information about the business during the legal Due Diligence process.

Why do I need a Letter of Intent?

When a company is embarking on an international transaction, it’s highly recommended that both parties agree to do business and that the agreement is legally binding and documented. It’s important to do this step before signing a sales and purchase agreement because a Letter of Intent allows for thorough Due Diligence. An experienced lawyer will use the Due Diligence process to explore and uncover any potential issues with the transaction and ensure that the client’s best interests are protected.

What is the process of creating a Letters of Intent?

A Letter of Intent is usually a statement of the transactions’ principal terms. By engaging a lawyer at this stage your transaction will have a solid foundation and will be positioned for success. Working with a legal expert will save you time, money and stress in the later stage of the transaction.


At Lexidy LegalTech Boutique, our lawyers will guide you through the preparation of the Letter of Intent. They will also provide all the necessary legal support at each of the stages of the transaction.

Frequently Asked Questions

Letters of Intent are not contracts and that is why we always advise signing a legally enforceable agreement beforehand. 

Although a Letter of Intent is not binding, most of the time there might be specific terms within the document that is legally enforceable, such as:

  • Non-solicitation: Prevents both parties from poaching each other’s employees.
  • Confidentiality: Ensures that there are legally enforceable obligations towards privacy.
  • Exclusivity: Stops both parties from negotiating with other entities for a reasonable period and provides both parties with an incentive to complete their negotiations.

One of the advantages of signing a Letter of Intent before a Notary Public is that there is no need to prove that the document exists. Also, it shows that both parties freely agreed to be bound by its terms.

This is important because while a Letter of Intent isn’t legally binding, there may be penalty clauses in the document that need to be enforced. These can include penalties for withdrawing from the transaction without just cause.

As the Letter of Intent is not expressly regulated under Spanish law, there may be liabilities depending on the clauses inserted in the document. For example:

  • Non-contractual liability – This occurs if one of the parties simply decides to break off negotiations without just cause for the end of the agreed exclusivity period.
  • Contractual liability – This type of liability arises if parties to a confidential period and one of them breaches it.

Our Story

We are a department formed by qualified legal experts who have been trained in the field of corporate law. We work on these requests every day and it’s our passion. For us, Lexidy is a way of life and what excites us the most is to be able to deliver the happiness and satisfaction of a successful process. We want to help you achieve your goals and dreams.

Héctor Lopez Vazquez

Head of Corporate Department

Madeleine Cadwell

Paralegal

Marta Ametller

Paralegal

Samuel Ortega Vega

Lawyer

Client’s stories

Lexidy Legal Tech
4.9
Based on 437 reviews
Declan Ryan
Declan Ryan
20:48 01 Jun 22
The Lexidy team is uniquely positioned to provide pan-European business and tax advisory services; what would be complex or impossible for a country-specific advisor is straightforward for Lexidy. They answered in days what would take weeks for other firms.
D
D
17:31 24 Apr 22
I’ve dealt with hundreds of solicitors through business over the years but I must say Cristina and Lexidy Law are really something special. Responsiveness, proactiveness, knowledge and professionalism is, quite frankly, outstanding.M.
Signore Raffaele
Signore Raffaele
12:53 07 Sep 21
The service I have received from Hector has been extraordinary.He has helped me opening bank accounts, managing my NIE and setting up my company's branch in Spain.I am very grateful for the help and the exceptional treatment and management.I won't hesitate to contact him again for any other business I may need.
dawei2010
dawei2010
16:12 08 Apr 21
Our company engaged Lexidy Law Boutique to help pursue our monetary claim against a former business partner registered under Spanish jurisdiction. They provided a professional work and our claim got enforced even before it was expected. We will be happy to engage them anytime in the future for any civil law related matters and I can only recommend their services.
dk impprojects
dk impprojects
15:37 22 Feb 21
Lexidy law boutique services are very prompt and responsible, they created my business company in barcelona, spain. I received very good response from Maximiliano Agazzi for my residence permit issues. I am very much happy with Lexidy law boutique services.
Tom Elliott
Tom Elliott
11:44 18 Feb 21
Very helpful getting my business off the ground quickly and easily and affordably! Best of all, they speak English!
Dan Centinello
Dan Centinello
14:26 19 Nov 20
Let me start by saying that I normally do not write reviews - and I am often skeptical of the authenticity of the ones that are left. However, I feel like this law team has earned it and here's why...I am the type of person who will do endless research & contact several people before making a decision. I did the same when looking for a Spanish law firm that would be able to quickly handle my immigration matters and, most recently, help me with my leasing agreement for my apartment.They are extremely responsive (replying within a couple of hours of my messages) and even after office hours.Maximiliano, in particular, has been exceptional. He put a lot of effort to understand all the details of my situation so he can find the best solution.It was quickly evident that he understands that not all people have the same immigration situation and was going to tailor a solution specific to me.What impressed me most though was how he was thoughtful enough to make sure that his immigration solution did not impact my tax or business situation adversely. His focus on the big picture, while not missing the important small details is one of the main reasons why I felt compelled to write a review.Lastly, Max even made himself available during the time I was crossing the border, just in case I had any issues.With all this being said, I have worked with many lawyers in the past - many simply look for "a solution", but the great lawyers look for the "best solution". Everyone I have interacted with thus far at Lexidy seems to understand the latter. I feel very fortunate to have come across them in my research.I know how stressful it can be, especially when dealing with immigration issues. So, I hope this helps others out there that might be in the same situation I was in.
Michael Sandoval
Michael Sandoval
16:44 19 Oct 20
I have had the pleasure to work with a lot of Lexidy's departments. Working with Max Aggazi Paulet to achieve everything needed for my residency was incredible. he help endlessly until everything was accomplished. Soon after i began working with their Real estate department. It has been a journey and they have stuck with me every step of the way. They have gone beyond the scope of their duties to help my dreams of purchasing a property in Spain come to fruition. I would like to thank Alejandro Cano and Jordi Aranda for for everything. Last but not least through the entire Process I have had the absolute pleasure to work with Camila Broderson. She is a Gem. She has guided me in every step to work on opening my LLC in Spain and has also gone beyond the scope of her duties to assist and be available at any time. I plan to continue to work with team at Lexidy and would highly recommend them to everyone. Thank you Lexidy team for everything that you have done so far! I look forward to continuing our partnerships and friendships!
Swapnil Sai
Swapnil Sai
09:45 06 Jul 20
I feel compelled to write this review after my correspondence with the team at Lexidy Law Boutique. This is certainly a law firm with a difference which is devoted to its clients. They attended to all my needs and queries with utmost diligence and professionalism. A truly outstanding and accommodating team that would go out of its way to help its clients. They did more than just exceed my expectations. They have set up a service standard that I am afraid other firms may not be able to match! They have become my go-to legal advisors. My case was fraught with complications and they patiently unraveled those until I had clarity and peace of mind. They are a firm with a heart that I am deeply thankful to.
Petra Ahmann
Petra Ahmann
10:21 17 Jun 20
Lexidy assisted me with my residency visa in Spain, helped me set up a bank account, and attended appointments with me. Overall it was a smooth experience, and better priced than other firms.
Alexander Hohne
Alexander Hohne
18:44 15 Jun 20
I have had an amazing experience with Lexidy not only successfully obtaining my first two residency visa applications but also with the setting up of my two businesses. I can highly recommend this young and dynamic team.
Payam Agha
Payam Agha
13:18 25 May 20
I'm a non-EU Entrepreneur, and I'm in the process of setting up my business in Spain, and It's my pleasure to write a review for lexidy. The team are truly dedicated, they kept me informed and guided me as required.Camila diligently guided me through the process of setting up my project, and it's legal structure in Spain, and set up all the necessary tax and company registrations.Max's attention to detail and relentless determination ensured a favourable report issued by the Economic and Trade Commission of Spain in Sydney.If you are looking for a law firm in Spain, then I have no hesitation in recommending Lexidy for a fast, friendly and efficient service.
Duncan Campbell
Duncan Campbell
17:32 21 Nov 17
Fede and his team at Lequidy were incredibly responsive to an urgent legal issue that my business faced, and dealt with the problem efficiently outside of office hours. Highly recommended.
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