The Aircraft Purchase Letter of Intent is a crucial preliminary document used in Nigerian aircraft transactions to establish the fundamental terms of a proposed aircraft purchase before proceeding to a definitive purchase agreement. It typically comes into play when a serious buyer has identified an aircraft of interest and wishes to formalize their intent to purchase while maintaining flexibility for due diligence and negotiations. The document addresses key commercial terms, technical specifications, and transaction timelines while incorporating requirements specific to Nigerian aviation law and regulations. While primarily non-binding, it often includes binding provisions for confidentiality, exclusivity, and access for inspection. The LOI must align with Nigerian legal requirements, including the Civil Aviation Act 2006, NCARs, and relevant international aviation conventions. This document serves as a crucial step in aircraft transactions, providing a structured framework for moving forward while protecting both parties' interests during the negotiation phase.
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1. Date and Parties: Opening of letter identifying the buyer and seller with full legal names and addresses
2. Introduction: Brief statement of intent to purchase/sell the specified aircraft
3. Aircraft Details: Essential details of the aircraft including make, model, serial number, and current registration
4. Purchase Price: Proposed purchase price and currency
5. Payment Terms: Outline of deposit amount, payment schedule, and method of payment
6. Due Diligence: Terms for technical inspection, document review, and test flight if applicable
7. Timeline: Proposed timeline for due diligence, definitive agreement, and closing
8. Exclusivity: Period during which seller agrees not to negotiate with other parties
9. Confidentiality: Binding provisions regarding confidentiality of negotiations and information
10. Binding Nature: Clear statement about which provisions are binding and non-binding
11. Closing: Signature blocks and contact details for further communication
1. Broker Representation: Include when aircraft brokers are involved in the transaction
2. Regulatory Approvals: Include when specific regulatory approvals are required, especially for international transactions
3. Aircraft Condition Requirements: Include when specific conditions or modifications are required before purchase
4. Financing Contingency: Include when purchase is contingent on buyer obtaining financing
5. Governing Law and Jurisdiction: Include when parties are from different jurisdictions or for high-value transactions
6. Break Fee: Include when parties want to specify compensation if the transaction doesn't proceed under certain circumstances
1. Aircraft Specifications: Basic technical specifications and configuration of the aircraft
2. Preliminary Due Diligence Checklist: List of documents and records to be reviewed during due diligence
3. Key Commercial Terms Summary: Summary of main commercial terms for quick reference
4. Proposed Timeline: Detailed timeline with key milestones and deadlines
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