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The Proposal of Intent is a crucial preliminary document used in Nigerian business transactions to formally express serious interest in pursuing a business relationship or transaction. It serves as a stepping stone between initial discussions and final binding agreements, typically used when parties want to document their preliminary understanding while maintaining flexibility for further negotiations. This document type is particularly relevant in Nigeria's dynamic business environment, where it helps establish clear intentions while navigating the country's mixed legal system. While generally non-binding, a Proposal of Intent can include specific binding provisions such as confidentiality obligations and exclusivity periods. It's commonly used in various scenarios including mergers and acquisitions, joint ventures, investment proposals, and major commercial transactions, providing a structured framework for progression toward a definitive agreement while managing expectations and protecting parties' interests during the negotiation phase.

1. Date and Address Block: Full date and recipient's address details including company name and registered address

2. Subject Line: Clear identification of the proposed transaction or relationship

3. Introduction: Brief introduction identifying the parties and general purpose of the letter

4. Expression of Interest: Clear statement of the sender's interest and intentions regarding the proposed transaction or relationship

5. Project/Transaction Overview: Brief description of the proposed project, transaction, or business relationship

6. Key Terms: High-level outline of the main terms being proposed

7. Timeline: Proposed schedule for negotiations and completion of the final agreement

8. Non-Binding Nature: Clear statement that this is not a binding agreement (except for specific provisions)

9. Next Steps: Outline of the proposed process moving forward

10. Closing and Signature: Formal closing, signature block, and contact information