A Commercial Letter of Intent is a crucial preliminary document used in Philippine business transactions to establish the framework for potential business relationships or transactions. It is particularly relevant when parties need to formally express their serious interest and basic understanding before committing to a full agreement. The document typically outlines proposed terms, conditions, and timelines while maintaining flexibility for future negotiations. Under Philippine jurisdiction, while generally non-binding, certain provisions can be made explicitly binding, such as confidentiality or exclusivity clauses. The Commercial Letter of Intent serves as a stepping stone toward more detailed agreements and is commonly used in various situations including mergers and acquisitions, joint ventures, property developments, and significant commercial transactions. It must align with Philippine commercial law requirements while providing sufficient detail to guide the parties toward their intended final agreement.
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1. Letter Header: Complete business details of the sender including company name, address, and date
2. Recipient Details: Full name, title, company name and address of the recipient
3. Subject Line: Clear indication of the letter's purpose (e.g., 'Letter of Intent - [Specific Transaction]')
4. Introduction: Formal opening identifying the parties and brief statement of purpose
5. Transaction Overview: High-level description of the proposed transaction or business relationship
6. Key Terms: Outline of fundamental terms including proposed price, scope, or key deliverables
7. Timeline: Proposed schedule for due diligence, negotiations, and transaction completion
8. Non-Binding Statement: Clear statement that the LOI is non-binding except for specific provisions
9. Closing and Signatures: Formal closing, signature blocks for authorized representatives
1. Exclusivity Period: Used when parties want to establish exclusive negotiations for a specific period
2. Confidentiality Provisions: Include when sensitive information will be shared and no separate NDA exists
3. Due Diligence Access: Added when preliminary access to information or facilities needs to be outlined
4. Conditions Precedent: Include when there are specific conditions that must be met before proceeding
5. Binding Provisions: Used to specify which provisions are legally binding (e.g., confidentiality, exclusivity)
6. Cost Allocation: Include when parties need to specify who bears transaction costs
7. Governing Law: Added when jurisdiction needs to be explicitly stated, especially for cross-border transactions
1. Term Sheet: Basic outline of key commercial terms and conditions
2. Timeline Schedule: Detailed breakdown of proposed transaction milestones and dates
3. Asset/Business Description: Brief description of assets or business involved in the transaction
4. Initial Price Calculation: Preliminary pricing structure or valuation methodology if applicable
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