Document background
A Memorandum of Intent is commonly used in Singapore business practices when parties wish to formally document their preliminary discussions and intentions before committing to a definitive agreement. This document type serves as a roadmap for negotiations while typically maintaining flexibility and non-binding status. It's particularly useful in complex transactions where parties need to demonstrate serious intent while retaining the ability to withdraw without legal consequences. The document typically includes proposed terms, timelines, and conditions for moving forward, while clearly stating its non-binding nature under Singapore law.
