Document background
A Letter of Intent for Renewal is commonly used in Singapore's business landscape when parties wish to extend an existing contractual relationship but need to formalize their intentions before executing a full renewal agreement. This document typically precedes the formal renewal process, allowing parties to outline key terms, conditions, and any proposed changes while maintaining existing business relationships. It provides a framework for negotiation while demonstrating commitment to continue the business relationship, all within Singapore's legal framework. The document is particularly valuable when timing is critical or when parties need to demonstrate their renewal intentions to third parties.
