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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 .
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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.
Blue chip athletes often end recruiting with a hat selection ceremony in which they make an oral commitment, which generally leads to the formal signing of a National Letter of Intent. National Letters of Intent may only be signed by prospective student-athletes who will be entering a four-year institution for the first time in the academic ...
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Oversigning - is an unofficial term for the practice of American college athletic departments signing recruits to a National Letter of Intent (NLI) that may exceed the maximum number of athletic scholarships permitted by the National Collegiate Athletic Association (NCAA). The NCAA limits the total number of scholarships that may be awarded in ...
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Other types of proposals include "preproposals", where a letter of intent or brief abstract is submitted for review prior to submission of a full proposal; continuation proposals, which re-iterate an original proposal and its funding requirements in order to ensure continued funding; and renewal proposals, which seek continued sponsorship of a ...