A Letter Of Intent For Offtake Agreement is commonly used in commercial transactions where one party commits to purchasing specific quantities of products or services from another party over a defined period. This document serves as a crucial first step in complex commercial arrangements, particularly in Malaysia where it must align with local contract law and commercial practices. It typically precedes the final offtake agreement and outlines key commercial terms, timeline for negotiation, and due diligence requirements. While generally non-binding, it may contain specific binding provisions such as confidentiality and exclusivity. This document is particularly important in project financing scenarios where banks require evidence of future revenue streams, and in industries where long-term supply commitments are essential for business planning.
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1. Date and Addresses: Opening of the letter with current date and formal addresses of both parties
2. Subject Line: Clear identification of the document as a Letter of Intent for Offtake Agreement
3. Introduction: Brief introduction identifying the parties and their desire to enter into an offtake agreement
4. Project Overview: Brief description of the proposed project or business arrangement
5. Proposed Terms: Key commercial terms including product/service, quantity, pricing mechanism, and delivery terms
6. Timeline: Proposed timeline for negotiation and execution of the definitive agreement
7. Due Diligence: Overview of the due diligence process and requirements
8. Non-Binding Nature: Clear statement regarding the non-binding nature of the LOI except for specific provisions
9. Closing and Signatures: Formal closing of the letter and signature blocks for both parties
1. Exclusivity: Optional section establishing exclusive negotiation rights for a specified period
2. Confidentiality: If not covered by a separate NDA, include confidentiality obligations
3. Costs and Expenses: Statement regarding who bears the costs of negotiation and due diligence
4. Governing Law: Include if parties want to specify governing law for the binding provisions
5. Term/Expiration: Optional section specifying when the LOI expires if no definitive agreement is reached
6. Break Fee: Include if there's a requirement for a break fee if either party withdraws
7. Good Faith Negotiation: Optional binding provision requiring good faith negotiations
1. Schedule A - Commercial Terms: Detailed outline of key commercial terms including pricing, volumes, and delivery schedules
2. Schedule B - Timeline: Detailed timeline for negotiation, due diligence, and execution of definitive agreements
3. Schedule C - Product Specifications: Technical specifications of the products or services to be covered by the offtake agreement
4. Appendix 1 - Corporate Information: Basic corporate information and contact details for both parties
5. Appendix 2 - Term Sheet: High-level term sheet summarizing key points for the proposed definitive agreement
Relevant legal definitions
Clauses
Relevant Industries
Mining and Minerals
Oil and Gas
Renewable Energy
Agriculture
Manufacturing
Chemical Industry
Infrastructure
Power Generation
Industrial Products
Technology Hardware
Relevant Teams
Legal
Commercial
Business Development
Finance
Operations
Procurement
Risk Management
Corporate Strategy
Technical
Compliance
Relevant Roles
Chief Commercial Officer
Business Development Manager
Contract Manager
Legal Counsel
Project Director
Supply Chain Manager
Chief Financial Officer
Risk Manager
Commercial Director
Operations Director
Procurement Manager
Chief Executive Officer
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