A Letter of Intent for Coal Purchase is typically used in the initial stages of a significant coal purchase transaction when parties have agreed on basic commercial terms but need to formalize their intention to proceed with detailed negotiations. This document is particularly relevant in the Canadian context where natural resource transactions must comply with both federal and provincial regulations. It serves as a roadmap for negotiating the definitive agreement while establishing certain binding obligations such as confidentiality and exclusivity. The LOI typically includes proposed terms for quantity, quality specifications, pricing mechanisms, delivery schedules, and conditions precedent, while acknowledging the need for regulatory approvals and environmental compliance specific to Canadian jurisdictions. It's commonly used when the transaction size or complexity warrants a structured negotiation process, or when parties need to secure internal approvals or financing based on preliminary terms.
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1. Date and Parties: Opening paragraph identifying the date and full legal names and addresses of both parties
2. Introduction/Purpose: Brief statement of the parties' intention to enter into coal purchase negotiations
3. Product Description: Basic description of the coal type, quality parameters, and intended use
4. Proposed Commercial Terms: Outline of key commercial terms including estimated quantity, delivery period, and pricing mechanism
5. Due Diligence: Framework for technical and commercial due diligence process
6. Exclusivity Period: Duration during which parties agree to negotiate exclusively with each other
7. Timeline: Expected timeline for negotiation and execution of definitive agreement
8. Confidentiality: Mutual confidentiality obligations regarding negotiations and shared information
9. Non-Binding Nature: Clear statement of which provisions are non-binding vs. binding (typically confidentiality and exclusivity are binding)
10. Costs: Each party's responsibility for their own costs during negotiation
11. Governing Law: Specification of Canadian law as governing law
12. Signatures: Execution blocks for authorized representatives of both parties
1. Break Fee: Include when parties want to establish compensation if one party terminates negotiations without justifiable cause
2. Conditions Precedent: Include when certain conditions must be met before proceeding with definitive agreement
3. Environmental Compliance: Include when specific environmental requirements or certifications need to be addressed
4. Force Majeure Principles: Include when parties want to establish basic principles for force majeure in final agreement
5. Term Sheet Summary: Include when parties want to attach detailed commercial terms as basis for negotiation
1. Schedule A - Coal Specifications: Technical specifications including coal type, quality parameters, and testing methods
2. Schedule B - Pricing Framework: Proposed pricing mechanism, including any price adjustment formulae and reference indices
3. Schedule C - Delivery Schedule: Proposed delivery quantities and timeline
4. Schedule D - Key Milestones: Timeline for negotiation, due diligence, and definitive agreement execution
5. Appendix 1 - Required Regulatory Approvals: List of regulatory approvals needed for the transaction
6. Appendix 2 - Form of Confidentiality Agreement: If separate from main LOI, detailed confidentiality terms and conditions
Authors
Relevant legal definitions
Clauses
Relevant Industries
Mining
Energy
Power Generation
Steel Manufacturing
Industrial Manufacturing
Natural Resources
Commodities Trading
Heavy Industry
Relevant Teams
Legal
Procurement
Commercial
Environmental Compliance
Supply Chain
Finance
Operations
Risk Management
Technical Services
Quality Assurance
Relevant Roles
Chief Commercial Officer
Procurement Director
Supply Chain Manager
Legal Counsel
Environmental Compliance Manager
Commercial Manager
Business Development Director
Chief Financial Officer
Operations Director
Risk Manager
Trading Manager
Contract Administrator
Technical Director
Quality Assurance Manager
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