The Letter Of Intent In Contract is a crucial pre-contractual document widely used in Nigerian business transactions to establish preliminary understanding between parties before entering into a definitive agreement. It is particularly valuable in complex commercial transactions where parties need to document their initial understanding while maintaining flexibility for negotiations. The document typically includes key commercial terms, timelines, and any binding obligations (such as confidentiality), while clearly stating its generally non-binding nature. Under Nigerian law, while LOIs are generally non-binding, certain provisions can be enforced if properly drafted, making it essential to clearly distinguish between binding and non-binding elements. This document type is commonly used in mergers and acquisitions, joint ventures, real estate transactions, and major commercial deals within the Nigerian jurisdiction.
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1. Letter Header: Company letterhead, date, and reference number
2. Recipient Details: Full name and address of the recipient organization
3. Subject Line: Clear indication of the transaction or project that is the subject of the LOI
4. Introduction: Opening paragraph identifying the parties and expressing interest in the proposed transaction
5. Transaction Overview: Brief description of the proposed transaction or project
6. Key Terms: Main commercial terms and conditions being proposed
7. Timeline: Proposed schedule for negotiations, due diligence, and completion
8. Confidentiality: Statement regarding the confidential nature of discussions and information exchange
9. Non-Binding Nature: Clear statement that the LOI is non-binding (except for specific clauses if applicable)
10. Closing and Signatures: Formal closing, signature blocks for authorized representatives
1. Exclusivity Period: Include when parties want to negotiate exclusively for a specific period
2. Cost Allocation: Include when parties need to specify who bears the costs of negotiations and due diligence
3. Governing Law: Include when parties want to specify Nigerian law explicitly
4. Binding Provisions: Include when certain provisions (like confidentiality) need to be legally binding
5. Break Fee: Include when there's agreement on compensation if either party withdraws
6. Conditions Precedent: Include when there are specific conditions that must be met before proceeding
7. Dispute Resolution: Include when parties want to specify mechanism for resolving disputes during negotiations
1. Term Sheet: Detailed breakdown of key commercial terms and conditions
2. Timeline Schedule: Detailed timeline for completion of due diligence and transaction
3. Asset Schedule: If applicable, list of assets or properties involved in the transaction
4. Contact Details: List of key contact persons from each party for communications
Relevant legal definitions
Transaction
Effective Date
Confidential Information
Binding Provisions
Non-Binding Provisions
Exclusivity Period
Due Diligence
Business Day
Definitive Agreement
Proposed Transaction
Parties
Representatives
Affiliate
Break Fee
Target Assets
Completion Date
Negotiation Period
Material Adverse Change
Governing Law
Permitted Recipients
Transaction Documents
Conditions Precedent
Good Faith
Effective Date
Confidential Information
Binding Provisions
Non-Binding Provisions
Exclusivity Period
Due Diligence
Business Day
Definitive Agreement
Proposed Transaction
Parties
Representatives
Affiliate
Break Fee
Target Assets
Completion Date
Negotiation Period
Material Adverse Change
Governing Law
Permitted Recipients
Transaction Documents
Conditions Precedent
Good Faith
Clauses
Subject Matter of Transaction
Non-Binding Nature
Confidentiality
Exclusivity
Due Diligence
Good Faith Negotiations
Costs and Expenses
Governing Law
Break Fee
Binding Provisions
Timeline
Conditions Precedent
Term and Termination
Dispute Resolution
Notices
Assignment
Third Party Rights
Entire Understanding
Amendments
Counterparts
Non-Circumvention
Regulatory Compliance
Non-Binding Nature
Confidentiality
Exclusivity
Due Diligence
Good Faith Negotiations
Costs and Expenses
Governing Law
Break Fee
Binding Provisions
Timeline
Conditions Precedent
Term and Termination
Dispute Resolution
Notices
Assignment
Third Party Rights
Entire Understanding
Amendments
Counterparts
Non-Circumvention
Regulatory Compliance
Relevant Industries
Oil and Gas
Manufacturing
Real Estate
Technology
Banking and Finance
Telecommunications
Agriculture
Mining
Construction
Healthcare
Education
Retail
Infrastructure Development
Energy
Transportation
Relevant Teams
Legal
Corporate Development
Mergers & Acquisitions
Business Development
Finance
Strategy
Commercial
Operations
Project Management
Risk Management
Compliance
Executive Leadership
Relevant Roles
Chief Executive Officer
Managing Director
Legal Counsel
Business Development Manager
Chief Financial Officer
Commercial Director
Project Manager
Investment Manager
Corporate Development Director
Mergers & Acquisitions Director
General Counsel
Contract Manager
Business Unit Head
Strategy Director
Chief Operating Officer
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