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NLIs are typically faxed by the recruited student to the university's athletic department on a National Signing Day. [2] The NLI is a voluntary program with regard to both institutions and student-athletes. No prospective student-athlete or parent is required to sign the National Letter of Intent, and no institution is required to join the program.
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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 .
Oversigning (also spelled over-signing) is an unofficial term for the practice of American college athletic departments signing prospective student-athletes to a National Letter of Intent (NLI) that may exceed the maximum number of athletic scholarships permitted by the National Collegiate Athletic Association (NCAA).
College football's early signing period opened from Dec. 20-22; here several Shore standouts who signed letters of intent this week.
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.