Given to Fly Nano Ltd (“Company”)
This letter is an expression of serious interest of the Interested Party towards purchasing one or more FlyNano seaplanes from the Company.
2. Intent and Terms
The Company and the Interested Party acknowledge that the product development of the FlyNano is at finalization. After the successful finish of the test program, the Company will start the sales and production of the FlyNano seaplanes. During the first year of sales, the Company will prioritize the customers that have signed a Letter of Intent before the official sales start.
3. Closing Date of the Sales Agreement
The sales agreement is expected to be signed within 12 months after the signing of this Letter of Intent.
4. Applicable Law and Dispute Settlement
This Letter of Intent is governed by and construed in accordance with the laws of Finland. Any dispute, controversy or claim arising out of or relating to this Letter of Intent, or the breach, termination or validity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the Finnish Chamber of Commerce. The number of arbitrators shall be one. The seat of arbitration shall be Helsinki, Finland. The language of the arbitration shall be English.
5. Nature of this Letter of Intent
Other than the paragraphs 4 and 5, which are legally binding, this Letter of Intent is non-binding and constitutes an indication of intent only and creates no liability or obligation of any nature whatsoever among the parties hereto with respect to any contemplated transaction or any other matter or action described or referred to herein. There is no obligation on either party to enter into a legally binding sales agreement.