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The Letter Of Intent For Business Proposal is a crucial preliminary document in Nigerian business transactions that bridges the gap between initial discussions and final agreements. It is typically used when parties have reached a general understanding about a business opportunity but need to formalize their intentions before proceeding with detailed negotiations or due diligence. This document, while primarily non-binding, serves to outline key terms, timelines, and conditions of the proposed business arrangement, while incorporating specific binding elements such as confidentiality provisions. Under Nigerian law, it provides a structured framework for negotiations while protecting both parties' interests during the preliminary stages of a business transaction. The document is particularly valuable in complex business arrangements, cross-border transactions, or when significant resources will be committed to due diligence and negotiation processes.

1. Letter Header: Includes date, recipient's name and address, sender's name and address, and reference number if applicable

2. Subject Line: Clear indication that this is a Letter of Intent regarding the specific business proposal

3. Introduction: Identifies the parties and their roles in the proposed business arrangement

4. Purpose Statement: Clear statement of the business opportunity or proposal being considered

5. Scope of Proposed Arrangement: Overview of the key elements of the proposed business arrangement

6. Key Terms: Outline of principal business terms, timelines, and financial considerations

7. Due Diligence: Process and timeline for any necessary due diligence activities

8. Confidentiality: Binding provisions regarding the confidential treatment of shared information

9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified sections

10. Next Steps: Timeline and process for moving forward with the proposed arrangement

11. Closing: Standard letter closing with signature blocks for both parties