A Letter of Intent for Services is commonly used in Singapore's business environment as a stepping stone toward a formal service agreement. This document serves to establish the framework for negotiations and demonstrate serious intent between parties. It typically includes essential elements such as service scope, timeline, and commercial terms, while allowing flexibility for detailed negotiations. Under Singapore law, certain provisions within the LOI may be legally binding, particularly those relating to confidentiality and exclusivity, even if the overall document is non-binding. This document is particularly useful when parties need to demonstrate commitment while still finalizing details of the service arrangement.
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Key Requirements PROMPT example:
Letter Of Intent For Services
"I need a Letter of Intent for Services to outline my company's intention to provide IT consulting services to a Singapore-based client, with an expected project start date of March 2025 and including exclusivity provisions for the first 60 days of negotiations."
1. Intent Statement: Clear statement of intention to engage in services and enter into a formal agreement
2. Parties: Identification of parties involved including full legal names and addresses
3. Scope of Services: Detailed description of services to be provided and general terms of engagement
4. Timeline: Proposed timeline for service delivery and contract execution
5. Commercial Terms: Proposed pricing, payment terms, and commercial arrangements
1. Due Diligence: Terms for conducting due diligence investigations prior to formal agreement
2. Exclusivity: Terms of exclusive negotiation period between the parties
3. Confidentiality: Terms for handling confidential information exchanged during negotiations
4. Good Faith Negotiations: Commitment to negotiate in good faith towards a definitive agreement
5. Binding Terms: Specification of which terms are binding and which are non-binding
1. Service Specifications: Detailed technical specifications of services to be provided
2. Preliminary Timeline: Proposed schedule of key milestones and deliverables
3. Price Schedule: Preliminary pricing structure and payment terms
4. Key Personnel: List of key personnel involved in service delivery and their roles
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