The LOI For Purchase Of Goods is a crucial preliminary document in Philippine commercial practice, typically used when parties wish to formally express their intention to enter into a purchase transaction while maintaining flexibility for negotiations. This document type is particularly relevant in the Philippine business context where formal documentation of commercial intentions is valued, even at the preliminary stage. It serves as a stepping stone toward a definitive purchase agreement, outlining key commercial terms such as product specifications, quantity, pricing, and delivery timelines, while typically remaining non-binding except for specific provisions. The document should comply with Philippine contract law principles and commercial practices, particularly considering the Civil Code of the Philippines and relevant commercial regulations. It's commonly used in both domestic and international trade scenarios involving Philippine entities, especially when the transaction requires detailed negotiation or due diligence before final commitment.
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1. Opening and Date: Formal letter opening with date and addressee details
2. Subject Line: Clear identification of the document as an LOI for purchase of specific goods
3. Introduction: Brief introduction of the parties and their roles (buyer/seller)
4. Expression of Interest: Clear statement of intention to purchase the goods
5. Key Commercial Terms: Overview of essential terms including product description, quantity, pricing, and delivery timeline
6. Due Diligence: Statement regarding any necessary inspection or verification of goods
7. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
8. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified clauses
9. Next Steps: Outline of the process toward definitive agreement
10. Validity Period: Timeline for which the LOI remains valid
11. Closing: Formal closing, signature blocks, and company details
1. Exclusivity: Include when parties want to establish exclusive negotiating rights for a specified period
2. Break Fee: Include when there's a need to specify compensation if either party withdraws from negotiations
3. Governing Law: Include when parties want to specify applicable law for binding provisions
4. Deposit Terms: Include when an initial deposit or earnest money is required
5. Conditions Precedent: Include when certain conditions must be met before proceeding with the purchase
6. Cost Allocation: Include when parties need to specify who bears the costs of due diligence and documentation
1. Product Specifications: Detailed technical specifications of the goods to be purchased
2. Preliminary Price Schedule: Breakdown of pricing, including any volume discounts or payment terms
3. Proposed Timeline: Detailed timeline for negotiation, due diligence, and transaction completion
4. Required Certifications: List of necessary quality certifications or compliance requirements
5. Form of Definitive Agreement: Draft outline or key terms of the final purchase agreement
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Wholesale Trade
Technology
Agriculture
Construction
Industrial Equipment
Consumer Goods
Electronics
Automotive
Pharmaceuticals
Food and Beverage
Textiles
Mining
Energy
Relevant Teams
Procurement
Legal
Finance
Supply Chain
Operations
Commercial
Business Development
Risk Management
Compliance
International Trade
Relevant Roles
Procurement Manager
Supply Chain Director
Commercial Director
Chief Procurement Officer
Purchasing Officer
Contract Manager
Business Development Manager
Legal Counsel
Chief Financial Officer
Operations Manager
Import/Export Manager
Sourcing Specialist
Vendor Relations Manager
Category Manager
General Manager
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