A Letter of Intent to Purchase Gasoline is commonly used in the Philippines as a preliminary step before entering into a formal fuel purchase agreement. This document is particularly relevant in the context of the Philippines' deregulated oil industry, where various buyers and sellers engage in direct negotiations for fuel supply arrangements. The letter typically outlines proposed terms including quantity, pricing mechanisms, delivery specifications, and timeline, while acknowledging compliance requirements under Philippine law, particularly the Oil Deregulation Law (Republic Act No. 8479). While non-binding in most aspects, it serves as a crucial tool for establishing serious intent and forming the basis for detailed negotiations. The document is especially useful for bulk purchases, long-term supply arrangements, or when significant due diligence is required before finalizing a formal agreement.
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1. Date and Parties: Full legal names and addresses of both the intended purchaser and seller
2. Introduction and Intent: Clear statement of intent to purchase gasoline and enter into a formal agreement
3. Product Specifications: Description of the type and grade of gasoline to be purchased
4. Quantity and Pricing: Proposed volume of purchase and pricing structure or range
5. Delivery Terms: Proposed delivery location, frequency, and general logistics
6. Timeline: Proposed timeline for negotiation and execution of final agreement
7. Due Diligence: Brief outline of any due diligence requirements
8. Non-Binding Nature: Statement clarifying the non-binding nature of the LOI (except for any specific binding provisions)
9. Contact Details: Key contact persons for further negotiations
10. Signature Block: Space for authorized signatures and dates
1. Exclusivity Period: Include when parties want to establish exclusive negotiation rights for a specific period
2. Confidentiality: Include when sensitive information will be shared during negotiations
3. Governing Law: Include when parties want to specify applicable law for the LOI itself
4. Storage Requirements: Include when the buyer has specific storage facilities or requirements
5. Environmental Compliance: Include when specific environmental considerations need to be addressed
6. Conditions Precedent: Include when there are specific conditions that must be met before proceeding with the final agreement
1. Schedule A - Preliminary Price Structure: Detailed breakdown of proposed pricing mechanism and components
2. Schedule B - Product Specifications: Detailed technical specifications of the gasoline products
3. Schedule C - Delivery Locations: List of proposed delivery points and basic logistics requirements
4. Schedule D - Timeline: Detailed proposed timeline for negotiation, due diligence, and execution of final agreement
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