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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 .
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement. [ 1 ] A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated.
A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not legally binding assurance.
The letter of intent signed August 30, 2017 said that if the proposed partnership was approved, UNC Health Care CEO Bill Roper would become executive chairman and Carolinas Healthcare CEO Gene Woods would be CEO of the new organization. [5] However, questions about who would control the combined system led Atrium to back out of talks in March 2018.
They send eight-by-ten glossies, they write letters, they leave longing messages on his answering machine. They are simply acting out a desire coded deep within the species: to mate with someone ...
The difference between the two is slight and mostly a matter of style: an LOI is typically written in letter form and focuses on the parties' intentions; a term sheet skips most of the formalities and lists deal terms in bullet-point or similar format. There is an implication that an LOI only refers to the final form.