The Letter of Intent for Coal Purchase is a crucial preliminary document used in the Malaysian energy and mining sectors when parties are preparing to enter into a significant coal purchase agreement. It serves as a roadmap for negotiations while potentially creating certain binding obligations, particularly regarding confidentiality and exclusivity. This document is typically used when buyers and sellers have reached an initial understanding but need to conduct due diligence and negotiate detailed terms before executing a final agreement. The LOI addresses key commercial aspects including proposed quantity, quality specifications, pricing mechanisms, and delivery terms, while ensuring compliance with Malaysian regulations including the Mineral Development Act 1994 and related energy sector legislation. It's particularly relevant in cross-border transactions where Malaysian entities are involved in international coal trading.
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1. Date and Parties: Identification of the date and the parties involved, including full legal names and addresses
2. Background/Recitals: Brief context of the proposed transaction and the parties' intentions
3. Definitions: Key terms used in the LOI
4. Purpose and Scope: Clear statement of the intention to purchase coal and the general scope of the proposed transaction
5. Basic Terms of Proposed Transaction: Outline of key commercial terms including quantity, quality, pricing mechanism, and delivery terms
6. Duration: Period for which the LOI remains valid
7. Due Diligence: Process and timeline for conducting due diligence
8. Exclusivity: Terms of exclusive negotiation period, if applicable
9. Confidentiality: Obligations regarding confidential information exchange
10. Binding Effect: Clear statement of which provisions are binding and non-binding
11. Governing Law: Specification of Malaysian law as the governing law
12. Execution: Signature blocks and execution formalities
1. Conditions Precedent: Specific conditions that must be met before proceeding with the final agreement
2. Break Fee: Provisions for compensation if either party withdraws from negotiations, used in high-value transactions
3. Cost Allocation: Distribution of costs during the negotiation period
4. Environmental Compliance: Specific environmental requirements and compliance obligations
5. Force Majeure Principles: Basic principles for handling force majeure events in the final agreement
6. Dispute Resolution: Framework for resolving disputes during the negotiation period
7. Bank Guarantee: Requirements for any preliminary financial guarantees
8. Timeline and Milestones: Specific dates and deadlines for key activities leading to the final agreement
1. Technical Specifications: Detailed coal quality parameters and specifications
2. Pricing Framework: Detailed pricing mechanism, including any price adjustment formulae
3. Delivery Schedule: Proposed timeline and quantities for coal delivery
4. Due Diligence Requirements: List of required documents and information for due diligence
5. Key Commercial Terms: Summary of main commercial terms to be included in the final agreement
6. Contact Details: List of key contacts from both parties
7. Required Approvals: List of regulatory and corporate approvals needed
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