> ## Documentation Index
> Fetch the complete documentation index at: https://financecontext.com/llms.txt
> Use this file to discover all available pages before exploring further.

# /process-letter

> Draft a process letter or bid instructions for any stage of a sell-side M&A process

## What is a Process Letter?

A **process letter** is formal correspondence sent by the sell-side investment bank to potential buyers at key stages of an M\&A auction. It sets the rules of engagement: what information to submit, in what format, by when, and how bids will be evaluated. Process letters are the operational backbone of a structured sale process -- they ensure all buyers are on a level playing field and the process runs on schedule.

In a typical auction, there are three main process letters: the **initial process letter** (sent with the CIM, outlining IOI requirements), the **final bid letter** (instructions for submitting binding offers after diligence), and the **management meeting invitation** (logistics for in-person presentations). Each serves a different purpose and is sent at a different stage of the deal.

<Note>
  Process letters set the tone for the entire deal. Ambiguity in a process letter creates confusion and erodes credibility with buyers. The best process letters are clear, professional, and leave no room for misinterpretation about what is expected and when.
</Note>

## Command Syntax

```bash theme={null}
/process-letter [IOI or final bid]
```

If a letter type is not specified, the command asks what stage the process is in.

## Letter Types

* **Initial Process Letter**: Sent with teaser/CIM. Outlines the process, IOI requirements, submission deadline, and confidentiality terms.
* **Final Bid Letter**: Instructions for submitting binding offers after diligence. Includes SPA markup requirements, committed financing, and evaluation criteria.
* **Management Meeting Invite**: Logistics for in-person management presentations. Covers attendees, agenda, ground rules, and follow-up process.

## How to Customize

* To use your firm's letterhead and standard legal language, edit the `process-letter` skill file
* To add firm-specific clauses or terms, modify the template sections in the skill

## Related

* [process-letter skill](/en/investment-banking/skills/process-letter) -- the skill loaded by this command
* [/cim command](/en/investment-banking/commands/cim) -- the CIM distributed with the initial process letter
* [/deal-tracker command](/en/investment-banking/commands/deal-tracker) -- track process milestones