Letter of Intent for Offshore Joint Venture

This Letter of Intent summaries negotiations between participants in an offshore joint venture who plan to set up a foreign corporation in the target country.

• The new foreign corporation will be formed solely for the purpose of the joint venture business.
• Each of the joint venturers will hold shares in the new corporation.
• Each of the co-venturers will contribute certain assets and take on responsibilities, such as arranging financing for the joint venture.
• The parties will bear their own respective expenses.
• If a binding formal agreement is not signed by the drop-dead date, the parties can terminate the negotiations without liability.

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