Clarify the negotiated terms of an exclusive supply and development agreement with this Letter of Intent template. The negotiations are between a party which has created a product with potential commercial application (supplier) and a party which will develop, test, produce and distribute the product (developer). Key points of the Letter of Intent include:

• the terms and provisions still to be negotiated;
  
• the cost obligations of each party;
  
• obligation of the supplier to provide a working prototype;
  
• reporting requirements;
  
• exclusivity of negotiations;
  
• the supplier will retain all patents on the product;
  
• the supplier will grant the developer an exclusive worldwide license to sell the product;
  
• agreement of the parties to keep all information confidential, and to continue to negotiate in good faith until either a definitive agreement is executed or the letter of intent expires.

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