The Letter of Intent For Business Supplier is a crucial preliminary document used in New Zealand business transactions when companies are preparing to enter into a significant supply relationship but need to formalize their intentions before completing due diligence and finalizing a definitive agreement. This document type is particularly valuable when dealing with complex supply arrangements, high-value contracts, or strategic partnerships that require careful negotiation and consideration. It typically includes key commercial terms, timeline commitments, and specific binding provisions while maintaining flexibility for final negotiations. Subject to New Zealand commercial law, particularly the Contract and Commercial Law Act 2017 and Fair Trading Act 1986, it provides a structured approach to preliminary business negotiations while protecting both parties' interests through clearly defined binding and non-binding elements.
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1. Date and Parties: Clear identification of the date and all parties involved, including full legal names and addresses
2. Introduction: Brief opening paragraph establishing the context and purpose of the letter
3. Background: Concise summary of prior discussions and reason for the potential business relationship
4. Proposed Business Relationship: Overview of the intended business arrangement and scope of supply/services
5. Key Commercial Terms: Outline of principal commercial terms including pricing structure, payment terms, and delivery expectations
6. Timeline: Proposed timeline for negotiation, due diligence, and execution of definitive agreements
7. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific clauses
8. Binding Terms: Identification of which specific terms are binding (typically confidentiality, exclusivity if applicable, and governing law)
9. Next Steps: Clear outline of the immediate next steps and expectations from both parties
10. Closing and Execution: Formal closing, signature blocks, and execution details
1. Exclusivity Period: Used when parties want to establish an exclusive negotiation period, preventing discussions with other potential partners
2. Due Diligence Process: Include when significant due diligence is required, outlining the process and requirements
3. Cost Allocation: Used when there's a need to specify how costs related to the negotiation process will be shared
4. Break Fee: Include when parties want to establish compensation if one party withdraws from negotiations
5. Regulatory Approvals: Include when the proposed relationship requires specific regulatory clearances or approvals
6. Intellectual Property Protection: Used when discussions involve sharing of intellectual property or proprietary information
7. Term/Expiration: Include when the LOI needs to have a specific validity period
1. Term Sheet: High-level summary of key commercial terms and conditions being proposed
2. Timeline Schedule: Detailed timeline of key milestones and deadlines for negotiation and implementation
3. Products/Services Overview: Brief description of the products or services to be supplied
4. Due Diligence Requirements: List of required documentation and information for due diligence process
5. Confidentiality Terms: Detailed confidentiality obligations if not included in the main body
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Technology and Software
Professional Services
Retail and Distribution
Construction and Infrastructure
Healthcare and Medical Supplies
Industrial Equipment
Food and Beverage
Telecommunications
Energy and Utilities
Transportation and Logistics
Financial Services
Agricultural Products and Services
Relevant Teams
Procurement
Legal
Finance
Operations
Supply Chain
Commercial
Risk Management
Business Development
Vendor Management
Strategic Sourcing
Executive Leadership
Contract Administration
Relevant Roles
Chief Procurement Officer
Procurement Manager
Supply Chain Director
Commercial Director
Business Development Manager
Contract Manager
Legal Counsel
Chief Financial Officer
Operations Director
Vendor Relations Manager
Category Manager
Strategic Sourcing Manager
Chief Executive Officer
Commercial Manager
Risk Manager
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