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Letter Of Intent For Supplier
"I need a Letter of Intent for Supplier to establish preliminary terms with a new software development vendor in India, including exclusivity provisions for 6 months starting March 2025 and specific confidentiality clauses protecting our intellectual property."
1. Sender Details: Full name and address of the party sending the letter of intent
2. Recipient Details: Full name and address of the intended supplier
3. Date: Date of the letter
4. Subject Line: Clear identification of document as Letter of Intent and brief project/supply reference
5. Purpose Statement: Opening paragraph stating the intent to enter into a formal agreement for specified goods/services
6. Project Overview: Description of the proposed scope of supply or services
7. Key Commercial Terms: Overview of principal commercial arrangements including pricing, payment terms, and delivery expectations
8. Timeline: Expected dates for negotiations, due diligence, and formal agreement execution
9. Binding Terms: Clear statement of which terms are intended to be legally binding
10. Signature Block: Space for authorized signature and date
1. Exclusivity: Terms regarding exclusive negotiation period, used when parties want to prevent negotiations with other potential partners
2. Due Diligence: Framework for information sharing and verification process, included when preliminary investigations are required
3. Confidentiality: Terms regarding treatment of confidential information, included when sensitive information will be shared
4. Break Fee: Terms regarding compensation if either party withdraws, used in high-value or complex arrangements
5. Costs: Agreement on who bears the costs of negotiations and due diligence
6. Governing Law: Specification of applicable law and jurisdiction, important for cross-border arrangements
1. Term Sheet: Detailed summary of key commercial terms and conditions proposed for the final agreement
2. Project Timeline: Detailed breakdown of projected dates and milestones
3. Initial Specification: Preliminary technical or operational specifications for the goods or services
4. Due Diligence Requirements: List of required documentation and information for due diligence process
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