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A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
Compulsory purchase is the power to purchase or take rights over an estate in English land law, or to buy that estate outright, without the current owner's consent, in exchange for payment of compensation. In England and Wales, Parliament has granted several different kinds of compulsory purchase power, which are exercisable by various bodies ...
A contract is a legally binding agreement.Once an offer has been accepted, there is an agreement, but not necessarily a contract. The element that converts any agreement into a true contract is "intention to create legal relations".
An example of a purchase order request from a travel agent. A purchase order, often abbreviated to PO, is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services required. [1] It is used to control the purchasing of products and services from external suppliers. [2]
Classification of product categories into the central procurement strategies. Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. [1]
A big boy letter is a pre-sale agreement in connection with a private sale of securities (such as in a PIPE transaction) not to sue over non-disclosure of material inside information that is not disclosed, entered into between two sophisticated parties. Big boy provisions may also be contained within securities purchase agreements, rather than ...
An indulgence is not the purchase of a pardon which secures the buyer's salvation or releases the soul of another from purgatory. Sin is only pardoned (i.e., its effects entirely obliterated) when complete reparation in the form of sacramental confession is made and prescribed conditions are followed.
Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.