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The Small Business Letter Of Intent For Business is a crucial preliminary document commonly used in Nigerian business transactions to establish the framework for future business relationships. This document is particularly relevant when small businesses are exploring partnerships, acquisitions, investments, or other significant business arrangements. It serves as a roadmap for negotiations while providing protection for all parties involved through specific binding provisions like confidentiality clauses. Under Nigerian law, particularly guided by the Companies and Allied Matters Act (CAMA) 2020 and Nigerian Contract Law, this document helps parties clarify their intentions and expectations before committing to a full agreement. While generally non-binding in nature, it demonstrates serious intent and can help secure financing, establish exclusivity periods, and outline key terms for future definitive agreements.

1. Date and Parties: Full legal names and addresses of all parties involved in the proposed business arrangement

2. Introduction: Brief statement declaring this as a Letter of Intent and its general purpose

3. Business Opportunity Overview: Clear description of the proposed business venture or transaction being considered

4. Key Terms and Conditions: Outline of the fundamental terms being proposed, including basic commercial terms

5. Timeline: Proposed schedule for negotiation, due diligence, and execution of final agreements

6. Confidentiality: Statement regarding the confidential nature of discussions and shared information

7. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified sections

8. Exclusivity Period: If applicable, the period during which parties agree not to negotiate with others

9. Signature Block: Space for authorized representatives to sign and date the document