A Letter Of Intent For Selling Product is commonly used in Canadian business transactions as a preliminary step before entering into a formal sales agreement. This document is particularly valuable when parties need to outline their initial understanding and commercial terms before committing to a detailed final agreement. It typically includes key elements such as product specifications, pricing structures, delivery terms, and conditions precedent, while maintaining flexibility for further negotiation. While governed by Canadian contract law principles, including both federal and provincial regulations, it usually remains non-binding except for specific provisions like confidentiality and exclusivity. This type of document is especially useful in complex product sales where detailed due diligence and negotiation are required, or when parties need to secure internal approvals before proceeding with a definitive agreement.
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1. Date and Parties: Date of the letter and full legal names and addresses of both the seller and potential buyer
2. Introduction: Brief statement of intent to sell/purchase products and confirmation that this is a letter of intent
3. Product Description: Clear identification and description of the products to be sold
4. Commercial Terms: Proposed key commercial terms including quantity, pricing, and payment terms
5. Timeline: Proposed timeline for negotiation, due diligence, and execution of definitive agreements
6. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific provisions
7. Confidentiality: Statement regarding the confidential nature of discussions and information shared
8. Exclusivity: Period during which the seller will not negotiate with other parties (if applicable)
9. Signature Block: Space for signatures of authorized representatives from both parties
1. Due Diligence Process: Details of the proposed due diligence process, used when significant investigation is required
2. Conditions Precedent: Key conditions that must be met before proceeding with the transaction, used for complex sales
3. Governing Law: Specification of applicable law and jurisdiction, used when parties are in different jurisdictions
4. Break Fee: Details of any break fee payable if either party withdraws, used in high-value transactions
5. Costs: Allocation of costs and expenses, used when significant costs are expected in the transaction process
6. Intellectual Property: Basic terms regarding IP rights and transfer, used when IP is a significant component of the sale
1. Product Specifications: Detailed technical specifications or descriptions of the products
2. Pricing Schedule: Detailed pricing information, especially if there are multiple products or pricing tiers
3. Initial Due Diligence Checklist: List of documents and information required for initial due diligence
4. Proposed Timeline: Detailed timeline with key milestones and deadlines for the transaction
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Consumer Goods
Industrial Products
Pharmaceuticals
Automotive
Electronics
Food and Beverage
Chemicals
Agricultural Products
Medical Devices
Construction Materials
Energy Products
Relevant Teams
Legal
Sales
Procurement
Business Development
Commercial
Operations
Finance
Supply Chain
Product Management
Corporate Development
Risk Management
Relevant Roles
Chief Executive Officer
Chief Commercial Officer
Sales Director
Business Development Manager
Procurement Manager
Commercial Manager
Legal Counsel
Contract Manager
Product Manager
Sales Manager
Supply Chain Manager
Operations Director
Chief Financial Officer
Business Unit Head
Account Executive
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