The Letter of Intent Business Partnership is a crucial preliminary document in New Zealand business negotiations, typically used when two or more parties are seriously considering forming a business partnership but need to establish a framework for detailed negotiations. This document serves as a roadmap for the partnership formation process, outlining key commercial terms, expectations, and timelines while providing certain binding provisions such as confidentiality and exclusivity. While not the final partnership agreement, it demonstrates commitment to the negotiation process and helps prevent misunderstandings during the due diligence phase. The document must comply with New Zealand partnership and contract law, particularly the Partnership Act 2019 and Contract and Commercial Law Act 2017, making it an essential tool in commercial negotiations for businesses looking to form strategic partnerships in New Zealand.
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1. Parties: Full legal names and addresses of all parties involved in the intended partnership
2. Background: Context of the proposed partnership and brief description of each party's business
3. Definitions: Key terms used throughout the letter that require specific definition
4. Purpose of the LOI: Clear statement of the document's purpose and its non-binding nature (except for specific clauses)
5. Proposed Partnership Structure: Overview of the intended business relationship and partnership format
6. Key Business Terms: Principal commercial terms that parties have preliminarily agreed upon
7. Timeline: Proposed schedule for negotiation, due diligence, and execution of final agreement
8. Confidentiality: Binding provisions regarding the confidentiality of discussions and shared information
9. Exclusivity: Period during which parties agree not to negotiate with other potential partners
10. Next Steps: Process for moving forward including due diligence and final agreement preparation
11. Governing Law: Specification that New Zealand law governs the LOI
12. Signatures: Execution block for all parties to sign
1. Cost Allocation: Details of how costs during the negotiation period will be shared between parties
2. Break Fee: Provisions for compensation if one party withdraws from negotiations
3. Intellectual Property Protection: Specific provisions for protecting IP during the negotiation phase
4. Good Faith Obligation: Explicit commitment to negotiate in good faith
5. Dispute Resolution: Process for resolving any disputes during the negotiation period
6. Term and Termination: Specific provisions about the LOI's duration and termination conditions
1. Proposed Business Plan Overview: High-level summary of the intended business operations and objectives
2. Initial Capital Contributions: Preliminary outline of proposed capital contributions by each party
3. Due Diligence Requirements: List of required documentation and information for due diligence
4. Timeline Schedule: Detailed timeline for key milestones in the partnership formation process
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