RE:RE:RE:Time to execute on SM LOIFirst comes an LOI and then a definitive contractual agreement.....
Contract negotiation is a very real and serious thing in the business world and is not taken lightly especially when it comes to what could be a multi-billion dollar deal.
The SM is talking about wanting an offtake agreement that allows them first right to buy any product produced anywere in the world. Depending on how much detail they get into this could involve specific terms & conditions regarding quality standards, payment terms, lead times etc. If this isn't structured properly it could have future consequence.
Take the time and make sure it's done right and you are protected.