Business activity is normalizing, with merger and acquisition increasing.  In June DeAngelis Legal reviewed two letters of intent, prepared another and talked with several other business owners who were considering a transaction.  We had not seen this level of activity since 2019, but it remains to be seen whether the activity will continue or result in transactions.  With most of the terms non-binding on either party, letters of intent can be valuable tools for flushing out whether the parties to a transaction can agree on the material terms before spending a lot of time, energy and expense on due diligence or preparing the definitive agreements.  For more information on the common terms and provisions to consider in letters of intent see The Letter of Intent .