Your bid has been received in good order, and you and the seller are in agreement. It’s now time for the next phase in the acquisition process. The solicitors will draw up an agreement of intent, which is a provisional sales agreement that includes the purchase price, the payment method and terms, guarantee obligations, the competition clause, and cancellation clauses. These will be subject to negotiations to reach an outline agreement. In 95% of cases, signing the agreement of intent leads to a completed transaction.