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Letter Of Intent For Proposed Development
"I need a Letter of Intent for Proposed Development for a mixed-use retail and residential project in Manchester, where we're planning to partner with a major investment firm and need strong confidentiality and exclusivity provisions for a 6-month period starting January 2025."
1. Parties: Identification of the parties involved in the development proposal
2. Background/Recitals: Context of the proposed development and purpose of the LOI
3. Project Description: Detailed description of the proposed development
4. Duration and Timeline: Period for which the LOI is valid and key milestone dates
5. Initial Terms: Key commercial terms and conditions being proposed
6. Binding/Non-binding Statement: Clear statement of which provisions are intended to be legally binding
7. Signature Block: Execution section for all parties
1. Exclusivity: Period during which parties agree not to negotiate with others
2. Confidentiality: Terms regarding confidential information sharing
3. Cost Allocation: How preliminary costs will be handled
4. Break Clauses: Conditions under which parties can terminate discussions
5. Due Diligence: Framework for information sharing and verification
1. Site Plan: Drawings or plans showing the development site
2. Initial Development Program: Preliminary timeline of development phases
3. Key Commercial Terms: Detailed breakdown of proposed commercial arrangements
4. Due Diligence Requirements: List of required surveys, reports and investigations
5. Planning Requirements: Summary of known planning obligations and requirements
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