- Jurisdiction
- California
Hello,
Our LLC is a Virginia LLC. We have a software application (Web App).
A Foreign company has told us they covet our product to sell in the US with their US staff. It makes sense for them to have the type of web app a they are in the same industry but they have not developed their apps to work in the US, and it would be quite costly.
We signed and NDA, have begun talks and they have proposed and we agreed to the idea of an Acquisition.
I have asked for an offer.
They responded by sending a MOU prohibiting us from seeking other buyers for 6 months. There is no offer in the MOU. It states - governed by New Zealand laws.
I am going to tell them today that I want to have a deal in theory at least verbally, in terms of price before I sign anything of this nature.
I do not agree with the duration of the term ( I'd allow maybe 3 months). I don't even know yet if they can complete a cash deal. Don't wish to be hamstrung for so long after a failed deal.
I would like to have the terms governed by US law.
Reasonable or right to demand that?
Thanks for any advice!
Our LLC is a Virginia LLC. We have a software application (Web App).
A Foreign company has told us they covet our product to sell in the US with their US staff. It makes sense for them to have the type of web app a they are in the same industry but they have not developed their apps to work in the US, and it would be quite costly.
We signed and NDA, have begun talks and they have proposed and we agreed to the idea of an Acquisition.
I have asked for an offer.
They responded by sending a MOU prohibiting us from seeking other buyers for 6 months. There is no offer in the MOU. It states - governed by New Zealand laws.
I am going to tell them today that I want to have a deal in theory at least verbally, in terms of price before I sign anything of this nature.
I do not agree with the duration of the term ( I'd allow maybe 3 months). I don't even know yet if they can complete a cash deal. Don't wish to be hamstrung for so long after a failed deal.
I would like to have the terms governed by US law.
Reasonable or right to demand that?
Thanks for any advice!