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1. Parties: Identification of all parties involved, including full legal names and addresses of both the trucking service provider and the client
2. Background: Brief context of the business relationship and purpose of the LOI
3. Definitions: Key terms used throughout the letter that require specific definition
4. Scope of Services: High-level description of the proposed trucking services, including types of cargo, routes, and general operational requirements
5. Commercial Terms: Outline of proposed pricing structure, payment terms, and basic commercial arrangements
6. Duration: Proposed timeline for both the LOI and the contemplated definitive agreement
7. Exclusivity: Terms regarding exclusive negotiations during the LOI period
8. Confidentiality: Binding provisions regarding confidential information shared during negotiations
9. Good Faith Negotiations: Commitment to negotiate the definitive agreement in good faith
10. Binding and Non-Binding Provisions: Clear statement of which provisions are binding (typically confidentiality, exclusivity, and governing law) and which are non-binding
11. Costs and Expenses: Statement regarding responsibility for costs incurred during the negotiation period
12. Governing Law: Specification of Nigerian law as the governing law
13. Signatures: Execution block for authorized representatives of all parties
1. Regulatory Compliance: Specific section outlining key regulatory requirements and compliance commitments, used when dealing with specialized cargo or cross-state operations
2. Due Diligence: Framework for information sharing and due diligence process, included for more complex arrangements
3. Performance Metrics: Preliminary KPIs and service levels, included when parties want to establish clear performance expectations early
4. Insurance Requirements: Preliminary insurance requirements and coverage levels, included for high-value cargo or hazardous materials
5. Termination Rights: Specific conditions under which either party may terminate the LOI, included for longer-term LOIs
6. Dispute Resolution: Framework for resolving disputes during the LOI period, included when parties prefer alternative dispute resolution methods
1. Schedule A - Proposed Routes and Operations: Preliminary list of intended routes, delivery points, and basic operational requirements
2. Schedule B - Preliminary Pricing Structure: Indicative pricing matrix and payment terms
3. Schedule C - Vehicle Fleet Details: Overview of proposed vehicle types and specifications
4. Schedule D - Timeline: Proposed timeline for negotiation, due diligence, and execution of definitive agreement
5. Appendix 1 - Required Licenses and Permits: List of necessary regulatory permits and licenses for the proposed services
6. Appendix 2 - Key Personnel: List of key contacts from both parties involved in the negotiation process
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