The Letter of Intent for Offtake Agreement is a crucial document in project development and commercial transactions in Australia, particularly in the resources, energy, and infrastructure sectors. It is typically used when parties have reached preliminary agreement on key commercial terms but need to formalize their intentions before proceeding with detailed due diligence and negotiating a definitive agreement. The document serves multiple purposes: it demonstrates commercial viability to potential project financiers, confirms the parties' serious intentions, and provides a framework for negotiating the final agreement. While primarily non-binding in nature, it contains certain binding provisions such as confidentiality and exclusivity. The LOI is governed by Australian law and must comply with relevant legislation including the Competition and Consumer Act 2010 (Cth) and Australian Contract Law principles.
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1. Parties: Identification of all parties involved, including full legal names and registered addresses
2. Background/Recitals: Context of the proposed transaction, relationship between parties, and purpose of the LOI
3. Definitions: Key terms used throughout the document
4. Purpose and Scope: Clear statement of the intent to negotiate and enter into an offtake agreement
5. Proposed Key Commercial Terms: Outline of the main commercial terms to be included in the final offtake agreement, including product specifications, quantity, pricing mechanism, and delivery terms
6. Non-Binding Nature: Clear statement regarding which provisions are non-binding, typically including the commercial terms
7. Binding Provisions: Explicit listing of which provisions are legally binding
8. Duration and Exclusivity: Period for negotiating the definitive agreement and any exclusivity arrangements
9. Confidentiality: Obligations regarding the confidential treatment of information exchanged
10. Costs and Expenses: Each party's responsibility for their own costs in preparing the LOI and negotiating the definitive agreement
11. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
1. Break Fee: Include when parties want to specify compensation if one party withdraws from negotiations without justifiable cause
2. Due Diligence: Include when preliminary due diligence requirements need to be outlined before proceeding to definitive agreement
3. Conditions Precedent: Include when certain conditions must be met before proceeding with the definitive agreement
4. Project Milestones: Include when the offtake is tied to a project development timeline
5. Force Majeure Principles: Include when parties want to outline basic principles for force majeure in the final agreement
6. Environmental and Social Responsibility: Include when the project involves significant environmental or social considerations
7. Dispute Resolution Process: Include when parties want to specify a detailed dispute resolution mechanism beyond simple governing law provisions
1. Schedule 1 - Product Specifications: Preliminary specifications of the product to be supplied under the future offtake agreement
2. Schedule 2 - Pricing Mechanism: Outline of the proposed pricing structure and calculation methodology
3. Schedule 3 - Timeline: Proposed timeline for negotiation and execution of the definitive agreement
4. Schedule 4 - Term Sheet: Detailed term sheet outlining all major commercial points to be included in the final agreement
5. Appendix A - Corporate Structure: Relevant corporate information of the parties, including group structure if relevant
6. Appendix B - Project Overview: Brief description of the project or facility from which the product will be supplied
Authors
Relevant legal definitions
Clauses
Relevant Industries
Mining and Resources
Energy and Utilities
Oil and Gas
Renewable Energy
Agriculture
Manufacturing
Chemical Industry
Infrastructure
Commodities Trading
Industrial Products
Clean Technology
Relevant Teams
Legal
Commercial
Business Development
Operations
Finance
Risk Management
Corporate Development
Trading
Supply Chain
Project Management
Strategy
Procurement
Relevant Roles
Chief Executive Officer
Chief Commercial Officer
Chief Financial Officer
Commercial Director
Project Director
Legal Counsel
General Counsel
Commercial Manager
Business Development Manager
Contract Manager
Risk Manager
Operations Director
Trading Manager
Supply Chain Manager
Project Finance Manager
Corporate Development Manager
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