The Non-Binding Letter of Intent to Purchase Product is a crucial preliminary document in Malaysian business transactions, used when a potential buyer wishes to formally express interest in purchasing products while maintaining flexibility in negotiations. This document type is particularly valuable in the Malaysian business context, where it helps parties initiate structured negotiations while avoiding premature legal commitments. It serves as a stepping stone towards a final purchase agreement, typically used in situations requiring detailed due diligence, complex product specifications, or extended negotiation periods. The document, while non-binding, should be drafted with consideration of Malaysian contract law principles to ensure its intended non-binding nature is preserved. It's commonly used in various industries for significant purchase transactions where parties need to document their preliminary understanding before proceeding with detailed negotiations.
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1. Letter Header: Date, sender's details, recipient's details, and reference number
2. Subject Line: Clear identification as a Non-Binding Letter of Intent to Purchase [Product Name]
3. Opening Statement: Introduction of the parties and clear statement of non-binding nature
4. Expression of Intent: Clear statement of interest to purchase the product and general purpose
5. Basic Terms: Preliminary product details, quantity, pricing considerations, and proposed timeline
6. Next Steps: Outline of the expected process moving forward
7. Non-Binding Statement: Clear reiteration that this is not a binding commitment
8. Closing: Standard letter closing, signature blocks for both parties
1. Confidentiality Statement: Include when sensitive information will be shared during negotiations
2. Due Diligence: Include when buyer needs to conduct product inspection or verification
3. Exclusivity Period: Include when requesting exclusive negotiation rights for a specific period
4. Conditions Precedent: Include when there are specific prerequisites before proceeding with the purchase
5. Cost Allocation: Include when there are significant pre-purchase costs to be addressed
6. Termination Provisions: Include when specific circumstances for terminating discussions need to be outlined
1. Product Specification Sheet: Detailed technical specifications or description of the product being considered for purchase
2. Preliminary Price Structure: Initial pricing details, payment terms, or pricing mechanisms if complex
3. Proposed Timeline: Detailed timeline of proposed steps from LOI to final purchase
4. Due Diligence Requirements: List of required documentation or verification steps if applicable
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