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A party that has signed a letter of intent (LOI) may be legally bound to honor it depending on how the letter is drafted. In a business-to-business transaction, a letter of intent normally contains a provision stating that the letter is non-binding.

A letter of intent (LOI) is used to declare a person or party's intent to commit to a certain act. In a business setting, an LOI outlines the preliminary terms of an agreement and typically includes a requirement that a formal contract must be written within a specified timeframe.

A letter of intent (LOI ) is a document drawn up when two parties come to a mutual agreement, but haven't worked out all the details yet. This letter is presented before the finalized legal agreement, which means that a letter of intent is not legally binding.

Letter of Intent: Format, Samples, PDF and Template A Letter of Intent (LOI) is a written document that outlines the preliminary understanding between two parties regarding a proposed business transaction or agreement. It is also sometimes called a letter of interest, memorandum of understanding, or term sheet.

A Letter of Intent (LOI) is a document used in the hiring process to outline the terms and conditions of a job offer. It is usually written by an employer to a job candidate and includes information about the job title, salary, benefits, job responsibilities, start date, and work schedule.

A letter of intent (LOI) is a document written in business letter format that declares your intent to do a specific thing. It's usually, but not always, nonbinding, and it states a preliminary commitment by one party to do business with another party.