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WHEN SHOULD THE NEW FIRE ALL IN ONE WITH SECURITY RIDER BE USED AND YOU JUST GET THE RIDER
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Ken
    I have a quick question.   If we already have the Fire All in One can we just purchase the Security Rider as opposed to the combination?  When and how would be use the new Fire All in One with Rider?
JM
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RESPONSE
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    Fire alarm companies installing security systems together with the fire alarm asked for single contract form.  The Fire All in One was modified to incorporate security systems using the additional Rider and the Schedule of Equipment and Services.  
    You can use the new form for

  • fire alarm system only
  • fire alarm system and security system

    You cannot use the new form for

  • security system because the Rider is not a stand alone document
  1.     If you do commercial security, without fire, then you need the Commercial Fire All in One.
  2.     If you do only fire, you need the Fire All in One.
  3.     If you will not install a security system unless you are also have the fire alarm then you can use the new Fire All in One with Security Rider.

    I hope I haven't added to the confusion, but if I have our Contract Administrator Eileen Wagda will be able to assist you to select the best forms for your use.  Contact her at 516 747 6700 ext 312.
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MORE COMMENT ON LOI FROM JANUARY 8, 2016 ARTICLE
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Ken,
    I applaud your excellent response.  There is no substitute for a well-qualified and experienced lawyer.   
Kind Regards,
 Jeffrey S. Nunberg, President & CEO
ISS Integrated Security Systems
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Ken,
    Generally, I have found LOI's to be helpful in defining the deal structure, timing, cash down, financing requirements needed by buyer (3rd party or seller), hold back, etc. I use the LOI to give the rough layout of the deal. Once the selling price, terms, etc are agreed to, then we move to a formal offer where escrow money is collected and due diligence can begin. Then, Offer to Asset Purchase Agreement. 
    My feelings are an non binding LOI is good to open negotiations, but it shouldn't go beyond that. Many times neither side (although advised to) has consulted their attorney at the time of the LOI. So I prefer to bring the LOI to offer with traditional escrow money down and a binding offer in place. 
    Great topic. Thanks
Gino A. DiGiallonardo, Jr.
Managing Broker
The Online Group Business Brokers
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