Construction Letter of Intent Free PDF Format
Construction Letter of Intent Free PDF Format
This Letter of Intent is not intended to be legally binding and does not constitute a contract.
[Date]
[Owner Name/Company Name]
[Owner Address]
[Owner Contact Information]
[Contractor Name/Company Name]
[Contractor Address]
[Contractor Contact Information]
RE: Letter of Intent for Construction of [Project Name] at [Project Address]
Dear [Contractor Name/Company Name],
This Letter of Intent (“LOI”) expresses the non-binding intention of [Owner Name/Company Name] (“Owner”) to enter into a formal agreement with [Contractor Name/Company Name] (“Contractor”) for the construction of [Project Name] located at [Project Address] (the “Project”).
This LOI outlines the principal terms and conditions that will be further negotiated and included in a definitive agreement (the “Agreement”).
1. Scope of Work:
Contractor shall provide all necessary labor, materials, equipment, and supervision to complete the construction of the Project in accordance with:
[List of relevant plans, specifications, and drawings]
[Brief description of the project scope and key deliverables]
2. Contract Price:
The estimated contract price for the Project is [Estimated Contract Price] (the “Contract Price”), subject to further negotiation and finalization based on the agreed-upon scope of work and payment terms.
3. Payment Terms:
The proposed payment terms are as follows:
[Outline payment milestones and schedule, e.g., mobilization payment, progress payments, substantial completion payment, final payment]
[Mention any retainage percentage to be held]
4. Project Schedule:
The anticipated project schedule is as follows:
Start Date: [Proposed Start Date]
Substantial Completion Date: [Proposed Substantial Completion Date]
Final Completion Date: [Proposed Final Completion Date]
This schedule is subject to finalization and may be adjusted in the Agreement based on mutual agreement.
5. Insurance:
Contractor shall maintain the following insurance coverage throughout the duration of the Project:
[List types and minimum limits of insurance coverage required, such as general liability, workers’ compensation, builder’s risk, etc.]
6. Bonds:
Contractor shall furnish [Owner] with the following bonds:
[Specify type and amount of bonds required, e.g., performance bond, payment bond]
7. Due Diligence:
Owner and Contractor will have a period of [Number] days from the date of this LOI to conduct due diligence, including but not limited to:
Review of plans and specifications
Site visits
Financial review
Verification of licenses and insurance
8. Exclusive Negotiation Period:
Upon signing this LOI, both parties agree to an exclusive negotiation period of [Number] days, during which time neither party will solicit or entertain offers from other parties regarding the Project.
9. Governing Law:
This LOI and the Agreement shall be governed by and construed in accordance with the laws of the State of [State].
10. Entire Agreement:
This LOI constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
11. No Obligation to Contract:
This LOI is not intended to be a binding contract and does not create any legal obligations between the parties. The parties acknowledge and agree that they will not be bound by any of the terms of this LOI unless and until a definitive Agreement is negotiated, executed, and delivered by both parties.
Construction Letter of Intent Free PDF Format :
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