Document background
The Cancel Letter of Intent is a crucial document used in Malaysian business transactions when parties need to formally withdraw from preliminary agreements or negotiations. It is typically employed when circumstances change during the negotiation phase, making it necessary to terminate the original Letter of Intent before proceeding to a final contract. The document must be carefully drafted to comply with Malaysian contract law, particularly the Contracts Act 1950, and should address key aspects such as the effective date of cancellation, handling of confidential information, and settlement of any incurred costs. This document is particularly important in protecting both parties' interests by providing clear documentation of the termination of pre-contractual obligations and helping prevent potential future disputes.
