Designed for Fleets
From its inception, the Endurance has been designed to meet the specific needs of commercial fleets. We’ve consciously balanced performance and functionality to provide an affordable, mission-critical tool that you’ll be proud to drive.
NON-BINDING LETTER OF INTENT
The purpose of the Non-Binding Letter of Intent is to ensure that the party signing will receive early delivery of the Endurance pick-up truck in 2021 when in full scale production. Initial deliveries are scheduled for early 2021.
1. Reservation. By entering into this Reservation Agreement, you hereby confirm that you wish to reserve the following quantity of Endurance trucks on a non-binding basis:
|Quantity (Min. 5)||
|Description||Endurance - Light Duty Fleet Work Truck|
|Price||$52,500 per vehicle|
|Federal Tax Credit||$7,500 per vehicle|
|Installment Details||Delivery of the vehicles can be taken over a 2-year period, at Purchaser’s option|
2. Nature of Agreement; No Reservation Payment. The Reservation is a non-binding commitment that does not require payment of any kind unless and until a legal and binding Purchase Agreement is signed by the parties. Purchasers are under no obligation to purchase the vehicle from us, and we are under no obligation to supply you with the Endurance or any other vehicle.
3. Effective Date; Reservation Process. This Agreement is formed and becomes effective when we receive your validly executed Purchase Agreement.
4. Order Process. LMC is in the process of developing the initial prototype vehicle of the Endurance (the "Prototype"). Upon completion of the Prototype, you will have the ability to test and inspect the Prototype on terms to be mutually agreed by the parties (the "Testing Period"). During or soon after the Testing Period, we provide you with a definitive purchase agreement for the Endurance(s) ordered herein indicating the purchase price of the vehicle(s), plus estimates of any applicable taxes, duties, terms and conditions, transport and delivery charges, and any other applicable fees. We will then submit to you the order form and the Purchase Agreement for your review. If you wish to proceed and purchase the vehicles, you must sign and return the Purchase Agreement. Production of the order will then be commenced in accordance with the Purchase Agreement.
5. Non-Transferability. This Agreement is not transferable or assignable to another party without LMC’s prior written approval in writing.
6. Possible Press Release: Subject to review and agreement, the parties will consider cooperating in drafting and releasing a press release disclosing the subject matter contained in this Agreement.
7. Acknowledgments. You understand that we may not complete the development of the Endurance or have begun manufacturing the Endurance. You also acknowledge that, if you purchase an Endurance™, the vehicles may not be delivered to you until 2021 or later.
8. Governing Law and Jurisdiction. Your Reservation and these terms and conditions are governed by the laws of the State of Ohio, U.S.A., without regard to its conflict of laws provisions.