The Joint Venture Letter of Intent (LOI) is a crucial preliminary document used when two or more parties are exploring a potential joint venture relationship but are not yet ready to enter into definitive agreements. This document is particularly relevant in the Indian business context where joint ventures are common for entering new markets or combining complementary capabilities. The LOI typically precedes the more detailed Joint Venture Agreement and is used to outline the basic understanding between parties, secure exclusivity for negotiations, and establish confidentiality obligations. While governed by Indian law, particularly the Indian Contract Act, 1872, most provisions are intentionally non-binding, except for specific clauses like confidentiality and exclusivity. The document serves as a roadmap for further negotiations and due diligence, typically including proposed ownership structures, business objectives, and timelines for completing the transaction.
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1. Date and Parties: Identification of all parties involved, including full legal names, addresses, and company registration details
2. Introduction: Brief statement of the parties' intention to explore and negotiate a joint venture arrangement
3. Business Objective: Clear description of the proposed joint venture's business purpose and strategic objectives
4. Proposed Structure: Outline of the intended corporate and ownership structure of the joint venture
5. Key Terms: Essential commercial terms including proposed equity split, capital contribution, and management structure
6. Timeline: Proposed schedule for due diligence, negotiation, and execution of definitive agreements
7. Confidentiality: Binding provisions regarding the confidential treatment of shared information
8. Exclusivity: Terms of exclusive negotiation period, if applicable
9. Costs and Expenses: Allocation of costs and expenses during the negotiation phase
10. Non-Binding Nature: Clear statement about which provisions are binding and non-binding
11. Governing Law: Specification of Indian law as the governing law
12. Signatures: Execution blocks for authorized representatives of all parties
1. Break Fee: Include when parties want to specify compensation if one party withdraws from negotiations without justified cause
2. Regulatory Compliance: Include when the proposed venture requires specific regulatory approvals or compliance
3. External Financing: Include when the joint venture contemplates obtaining external financing
4. Intellectual Property: Include when significant IP will be contributed to or developed by the joint venture
5. Non-Compete: Include when parties want to restrict competition during the negotiation period
6. Due Diligence Access: Include when specific terms for conducting due diligence need to be outlined
1. Initial Business Plan Overview: High-level summary of the proposed business plan and key milestones
2. Proposed Corporate Structure: Diagram or description of the intended corporate structure
3. Key Assets Schedule: List of significant assets to be contributed by each party
4. Timeline and Key Dates: Detailed timeline for negotiation, due diligence, and completion
5. Representatives List: Names and contact details of key representatives from each party
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