Draft Form of LOI
LOI Format for Bonny Light Crude Oil CIF/FOB etc:
The letter does not need to have any specific format but should be addressed and have these as it’s main points:
a). The LOI must be on the Buyer’s Letter head. It cannot be signed
and sealed by agent (ONLY buyer or his mandate).
b). The LOI should be addressed as follows with 14 days validity:
An Example of LOI
Date: the 17th of June 2010
Ref #: 17/06/10-0321
To: Tavinoko Group Ltd
We, (the buyer), hereby state with full corporate authority & responsibility, that we are ready, willing and able to consummate the purchase of the following commodity as per the specification, quantity in accordance with the terms and conditions stated herein under. Either through ourselves or joint venture partners. These conditions are open for mutual amendments however.
c). It must state the following:
-Target price etc
- Bank address
d). Signed and sealed by the buyer.
e). Saved on PDF.