A Letter Of Intent Sales is commonly used in Nigerian business transactions as a preliminary step before entering into a definitive sales agreement. This document is particularly valuable when parties need to formally express their serious intention to proceed with a transaction while still requiring time for due diligence, detailed negotiations, or securing necessary approvals. Governed by Nigerian law, it typically includes both non-binding elements (such as proposed commercial terms) and binding provisions (such as confidentiality and exclusivity). The LOI helps structure negotiations, establish timelines, and outline key terms while providing a framework for moving towards a final agreement. It's especially useful in complex transactions where parties need to demonstrate commitment while maintaining flexibility before finalizing the deal.
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1. Date and Parties: Opening of letter identifying sender and recipient, including full legal names and addresses
2. Subject Line: Clear indication that this is a Letter of Intent regarding the proposed sale
3. Introduction: Brief statement of purpose and context of the LOI
4. Transaction Overview: High-level description of the proposed transaction, including the subject matter of sale
5. Key Terms: Essential commercial terms including proposed price, payment terms, and delivery conditions
6. Timeline: Proposed schedule for negotiation, due diligence, and completion
7. Conditions Precedent: Key conditions that must be met before proceeding with the final transaction
8. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific provisions
9. Binding Provisions: Specific terms that are intended to be binding (typically confidentiality, exclusivity, governing law)
10. Closing: Signature blocks and formal closing of the letter
1. Due Diligence Process: Include when significant due diligence is required, outlining the process and access requirements
2. Exclusivity Period: Include when parties want to negotiate exclusively for a specified period
3. Break Fee: Include when there's agreement on fees payable if either party withdraws from negotiations
4. Regulatory Approvals: Include when the transaction requires specific regulatory clearances
5. Financing Conditions: Include when the transaction is subject to securing specific financing
6. Asset List: Include when the sale involves multiple specific assets that need to be listed
1. Schedule A - Asset Description: Detailed description of the assets or goods to be sold
2. Schedule B - Preliminary Price Calculation: Breakdown of the proposed purchase price and payment structure
3. Schedule C - Timeline: Detailed timeline for the transaction process
4. Appendix 1 - Due Diligence Requirements: List of documents and information required for due diligence
5. Appendix 2 - Form of Confidentiality Agreement: Draft confidentiality agreement if required as part of the binding provisions
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Real Estate
Oil and Gas
Agriculture
Technology
Retail
Construction
Mining
Telecommunications
Financial Services
Healthcare
Automotive
Consumer Goods
Energy
Industrial Equipment
Relevant Teams
Legal
Commercial
Sales
Procurement
Finance
Operations
Business Development
Corporate Development
Strategy
Risk Management
Compliance
Executive Leadership
Relevant Roles
Chief Executive Officer
Commercial Director
Head of Sales
Legal Counsel
Business Development Manager
Chief Financial Officer
Procurement Manager
Contract Manager
Managing Director
Sales Director
Corporate Lawyer
Operations Director
Chief Operating Officer
Investment Manager
Strategy Director
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