Non-Binding Pre-Order Reservation for a Celerity Craft Dynamic Air Cushion Vehicle

Dear [Buyer Name],

This Letter of Intent ("LOI") serves as a non-binding expression of interest by [Buyer Name] ("Buyer") to reserve a future purchase opportunity for an 11.9 metre Dynamic Air Cushion Vehicle ("Vessel") from Celerity Craft Inc. ("Seller").

Reservation and Deposit. The Buyer agrees to place a deposit of $1000 to reserve a future purchase opportunity for the Vessel. The deposit shall be payable upon execution of this LOI and held in a designated account by the Seller. The deposit is considered a part payment and not a guarantee of the Seller's fulfillment of the contract.
Specifications. The nominal specifications for the Vessel are included as an addendum to this letter. These specifications are preliminary and subject to change, as the Vessel and the underlying core technology are still in the development phase. Detailed Buyer requirements and final specifications for the Vessel to be delivered will be negotiated and agreed to between the Buyer and Seller 12 months prior to final delivery.
Pricing. Richard do we want to include nominal pricing [$1m]? The estimated price of the Vessel [$X], is an estimate only and is dependent on the final specification. This pricing is subject to change. A final purchase agreement will be provided prior to production.
Priority. Buyer agrees to deliver vessel number [1], meaning that the Buyer will receive the [first] commercial vessel and will have priority over all other customers and LOIs signed after this date. [do we want to make this commitment?]
Estimated Delivery. The Vessel and the underlying technology are currently in development. The estimated delivery timeframe for the Vessel is December, 2027, subject to final specifications, technology readiness and regulatory approvals.
Cancellation and Refunds. The Buyer may cancel this reservation at any time and receive a full refund of the deposit if a) Seller cannot fully meet the Buyer requirements b) final pricing is not deemed competitive for this class of vessel c) if the timelines for final delivery are deemed by the Buyer to be unacceptable d) if the circumstances of the Buyer change such that the Vessel is no longer needed. [Richard do we want to say cancelable for any reason with refund?] If the Seller is unable to proceed with production, the deposit shall be refunded in full.
No Obligation to Purchase. This LOI does not constitute a legally binding contract for purchase and does not impose any obligation on the Buyer or Seller to complete a transaction. A separate definitive purchase agreement will be required before finalizing the sale.
Use of Reservation Data. The Buyer acknowledges that this reservation is intended to demonstrate demand and assist the Seller in securing investment and funding.
Confidentiality. Both parties agree to keep the terms of this LOI confidential, except as required for financing or business development purposes.

Please sign below to acknowledge your interest in reserving a future opportunity to purchase the Vessel. We appreciate your support and look forward to working with you.