Letter of Intent Outline for Collaboration
[Date]
[Recipient’s Name]
[Title]
[Company/Organization Name]
[Address]
Dear [Recipient's Name],
Subject: Letter of Intent for Collaboration
This Letter of Intent ("LOI") sets forth the preliminary understanding and intentions of [Your Company/Organization Name] (“[Abbreviation]”) and [Recipient's Company/Organization Name] (“[Abbreviation]”) regarding a potential collaboration in [general description of the area of collaboration].
1. Purpose of the Collaboration
The purpose of this collaboration is to [state the general purpose of the collaboration, such as co-developing a product, joint research, marketing efforts, etc.]. Both parties recognize the potential mutual benefits that can result from this partnership and are committed to working together toward a successful outcome.
2. Scope of the Collaboration
This section outlines the primary activities, areas, or topics that will be included in the collaboration, such as:
[Activity/Goal 1]
[Activity/Goal 2]
[Activity/Goal 3]
3. Responsibilities of Each Party
Each party agrees to undertake the following roles and responsibilities:
4. Term and Duration
This collaboration is expected to last for [duration of the collaboration], beginning on [start date] and concluding on [end date], unless terminated earlier as per the terms described in Section 7.
5. Confidentiality
Both parties agree to maintain the confidentiality of any proprietary or sensitive information shared during the collaboration, as detailed in a separate confidentiality agreement to be negotiated and executed by both parties.
6. Financial Considerations
This LOI does not obligate either party to incur financial obligations or provide funding. Specific financial terms, including contributions, profits, or cost-sharing mechanisms, will be discussed and agreed upon in a subsequent, formal agreement.
7. Termination
Either party may terminate this collaboration at any time with [X] days' written notice, provided that such termination does not affect the obligations incurred up until the termination date.
8. Non-Binding Agreement
Except for the provisions in Sections 5 (Confidentiality), 6 (Financial Considerations), and 7 (Termination), this LOI is non-binding and serves as an expression of intent to collaborate. Neither party is legally obligated to proceed with the collaboration unless and until a formal contract is executed.
9. Future Agreement
Both parties intend to negotiate and execute a formal, legally binding agreement that will govern the details and terms of the collaboration. This LOI will serve as a basis for the preparation of the formal agreement.
10. Governing Law
This LOI shall be governed by and construed in accordance with the laws of [State/Country], without regard to its conflict of law principles.
Acknowledgment and Agreement
By signing below, both parties acknowledge their understanding of the terms outlined in this Letter of Intent and agree to proceed with further discussions to finalize a formal collaboration agreement.
Sincerely,
[Your Name]
[Your Title]
[Your Company Name]
Acknowledged and Agreed:
[Recipient's Name]
[Recipient's Title]
[Recipient's Company Name]
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