Has a Letter of Intent binding effects, according to Brazilian Law?

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Has a Letter of Intent binding effects, according to Brazilian Law?

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Nehring & Associados, Sao Paulo by Sueli Avelar Fonseca In general there is a unanimous understanding that a Letter of Intent is not binding since, through such kind of document, the parties only aim to approach themselves and to establish certain terms for a future transaction, not yet defined. As a consequence, any party has the right to go out of the negotiation without any reason and without any payment, only arguing lack of interest on the business.

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