what is a letter of intent ?
A letter of intent , also known as an LOI, is a document used to express the preliminary agreement between two or more parties for a specific project, business transaction or venture. It is a formal and non-binding letter that sets out the basic terms and conditions of the proposed agreement, such as the scope of work, timelines, pricing, and responsibilities of each party.
The letter of intent serves as a starting point for negotiations and can help the parties to reach an agreement more quickly and efficiently. It also helps to establish a mutual understanding of the key points before proceeding further. Although a letter of intent is not legally binding, it is an important document that can be used as evidence of the parties' intentions in the event of a dispute. It can also be used to outline any conditions that need to be met before the final agreement is signed, such as due diligence, financing or regulatory approvals. Overall, a letter of intent is a valuable tool in business negotiations as it helps to clarify the parties' intentions and sets the stage for a successful agreement.
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