MODEL FOR A MODERN MAJOR GENERAL: KEY CONSIDERATIONS FOR LOIs AND OPTION AGREEMENTS IN EXPLORATION DEALS. Preliminary Considerations. basic business terms preliminary information. Strategic Considerations. rational timelines negotiate now vs negotiate later disclosure.
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MODEL FOR A MODERN MAJOR GENERAL:KEY CONSIDERATIONS FOR LOIs AND OPTION AGREEMENTS IN EXPLORATION DEALS
Poor Ol' Nugget - Act I, Scene 1
use conditional language
don’t use imperative language
leave key terms for later agreement
conduct of parties
Poor Ol' Nugget - Act I, Scene 2
speed vs. certainty
extent of representation
approvals – corporate & regulatory
effective date and impact on timelines
is priority timing or detail?
be wary of obligation to negotiate in “good faith”
standalone – exclusivity and confidentiality
check AOI for overlaps
note issues that were problematic
assess relationship/troubleshoot potential challenges
no work on property (sorry!)
Poor Ol' Nugget - Act II, Scene 1
Poor Ol' Nugget - Act II, Scene 2
as much ADR as you need, not as much as you can stand
debrief and capture process