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Letter Of Intent In Contract Template for Singapore

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Key Requirements PROMPT example:

Letter Of Intent In Contract

"I need a Letter of Intent in Contract for a potential joint venture between my technology company and a Singapore manufacturing firm, with a focus on confidentiality and exclusive negotiation period until March 2025."

Document background
A Letter of Intent in Contract is commonly used in Singapore business transactions as a preliminary step before entering into a definitive agreement. It is particularly valuable when parties need to document their serious intention to proceed with a transaction while still negotiating detailed terms. The document typically includes proposed commercial terms, timelines, and any binding obligations during the negotiation period. Under Singapore law, while most provisions are non-binding, certain clauses such as confidentiality and exclusivity can be made explicitly binding. This document helps structure negotiations and provides a clear roadmap toward the final agreement.
Suggested Sections

1. Intent Declaration: Clear statement of the parties' intention to enter into future agreement

2. Project/Transaction Overview: Brief description of the proposed transaction or project

3. Key Terms: Main commercial terms and conditions being proposed

4. Timeline: Proposed schedule for negotiation and execution of definitive agreement

5. Non-Binding Statement: Clear statement of which provisions are non-binding (except specific binding terms)

Optional Sections

1. Exclusivity Period: Period during which parties agree not to negotiate with others (if exclusive negotiations desired)

2. Confidentiality Provisions: Terms regarding handling of confidential information (if not covered by separate NDA)

3. Due Diligence Process: Outline of proposed due diligence process (for complex transactions)

4. Cost Allocation: Agreement on who bears costs during negotiation period (if relevant)

Suggested Schedules

1. Term Sheet: Detailed outline of key commercial terms being proposed

2. Project Timeline: Detailed schedule of proposed transaction milestones

3. Corporate Authority Documents: Evidence of authority to enter into LOI (if required)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions














Clauses
















Industries

Contract Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore, including basic elements like offer, acceptance, consideration, and intention to create legal relations

Companies Act (Cap. 50): Regulates corporate entities and their capacity to enter into contracts, including requirements for corporate execution of documents

Registration of Businesses Act: Governs the registration and regulation of businesses in Singapore, relevant when parties are business entities

Partnership Act: Regulates partnerships and their ability to enter into contracts, including authority of partners to bind the partnership

Conveyancing and Law of Property Act: Governs transactions involving property and real estate, relevant if the LOI involves property matters

Land Titles Act: Regulates dealings with registered land and property in Singapore, applicable if real estate is involved in the LOI

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures, relevant for electronic execution of the LOI

Consumer Protection (Fair Trading) Act: Protects consumer interests and regulates unfair practices in consumer transactions

Unfair Contract Terms Act: Regulates unfair terms in contracts and limits the extent to which civil liability can be excluded or restricted

UNCITRAL Model Law on International Commercial Arbitration: Provides framework for international arbitration if cross-border elements exist in the LOI

UN Convention on Contracts for International Sale of Goods (CISG): International sales law that may apply to cross-border commercial transactions if specifically relevant to the LOI

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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