West Virginia Sample Letter for Draft of a Proposed Letter of Intent
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How to fill out Sample Letter For Draft Of A Proposed Letter Of Intent?
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FAQ
Limitations of a letter of intent Letters of intent are not legally binding, and don't extend full legal protection to contractual parties. However, if not stated clearly, they can become legally binding, might not always be desirable?especially if the agreement is still pending approval by both parties.
A letter of intent is a legal document outlining the major terms of an agreement between two parties, in advance of actually entering into the final agreement. It establishes the intent of the parties, and while it is often non-binding, it can be. As such, care should be taken in drafting any letter of intent.
Size and format Your letter of intent should be one to two pages of succinctly written prose, or 400 to 800 words including a brief reference list.
What to include in letters of intent to purchase. Name and contact information of the buyer. Name and contact information of the seller. Detailed description of the items or property being sold. Any relevant disclaimers or liabilities. The total purchase price. Method of payment and other payment terms, including dates.
Your letter of intent can be typed or written out by hand and sent by email or by physical mail. A handwritten note sent physically can add a nice, personal touch that stands out, but there's only a short window to send the letter, so this may not be feasible.
Similar to a cover letter or letter of interest, a letter of intent follows a business letter format. It should be a few paragraphs that introduce you as a candidate, outline your intentions, and encourage the reader to follow up.
Follow these steps when writing an LOI: Write the introduction. ... Describe the transaction and timeframes. ... List contingencies. ... Go through due diligence. ... Include covenants and other binding agreements. ... State that the agreement is nonbinding. ... Include a closing date.
