The Confirmation Letter of Intent is a crucial preliminary document in Indian business transactions, serving as a bridge between initial discussions and final binding agreements. It is commonly used when parties have reached a general understanding of key terms but need to document their intentions before proceeding with detailed due diligence and negotiations. The document typically outlines the proposed transaction structure, key commercial terms, timelines, and any binding provisions such as confidentiality or exclusivity. While generally non-binding under Indian law, certain provisions can be explicitly made binding, making it essential to draft the document carefully. The Letter of Intent helps parties maintain clarity of purpose, demonstrate commitment, and establish a framework for the negotiation process while allowing flexibility for detailed terms in the final agreement.
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1. Date and Address Block: Formal letter heading including date and recipient's complete details
2. Subject Line: Clear identification of the transaction or project that is the subject of the LOI
3. Introduction: Brief introduction identifying the parties and their roles
4. Expression of Intent: Clear statement of the parties' intention to enter into the proposed transaction
5. Key Commercial Terms: Outline of the fundamental business terms agreed upon in principle
6. Timeline: Proposed schedule for negotiation, due diligence, and execution of definitive agreements
7. Binding/Non-Binding Statement: Clear statement of which provisions are intended to be binding and which are non-binding
8. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
9. Exclusivity: If applicable, period during which parties agree to negotiate exclusively
10. Closing Statement: Request for acknowledgment and acceptance of the terms
11. Signature Blocks: Space for authorized signatures from both parties
1. Conditions Precedent: Used when certain conditions must be met before moving forward with the definitive agreement
2. Break Fee: Include when parties want to specify compensation if one party backs out of negotiations
3. Governing Law and Jurisdiction: While common, this section is optional for non-binding LOIs but recommended for international transactions
4. Cost Allocation: Used when parties need to specify who bears the costs of negotiation and due diligence
5. Term/Expiration: Include when the LOI needs to have a specific validity period
6. No Obligation to Proceed: Additional clarification that parties are not bound to proceed with the final transaction
7. Interim Covenants: Used when parties need to specify certain obligations during the negotiation period
1. Term Sheet: Detailed outline of the key commercial terms agreed in principle
2. Timeline Schedule: Detailed timeline for completion of due diligence, negotiation, and execution of definitive agreements
3. Assets List: If the transaction involves specific assets, a preliminary list of those assets
4. Due Diligence Checklist: Preliminary list of documents and information required for due diligence
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