Document background
The Letter Of Intent Development Agreement is a crucial preliminary document used in Nigerian real estate and infrastructure development projects when parties wish to formalize their intentions before entering into a definitive agreement. This document type is particularly relevant in situations where significant due diligence, regulatory approvals, or complex negotiations are required before finalizing a full development agreement. It typically includes provisions for project scope, timeline, commercial terms, and conditions precedent, while maintaining flexibility for future negotiations. The document must comply with Nigerian property law, state-specific regulations, and local development requirements. While predominantly non-binding, certain sections such as confidentiality and exclusivity provisions are typically enforceable. This type of agreement is especially valuable in the Nigerian context where development projects often involve multiple stakeholders and require various governmental approvals.
