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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 .
English: Invitation letter from Shri V. S. Pandey, Deputy Secretary (MRTS), Ministry of Housing and Urban Affairs, Government of India, announcing the award for the project “SOFT, Thiruvananthapuram”.
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.
Technically, an award letter refers only to a letter from the SSA confirming that you have been approved for some form of benefits. This is almost always sent in response to an application.
A Letter of Understanding (LOU) is a formal text that sums up the terms of an undertakings of a contract which may have been negotiated up to this point only in spoken form or otherwise informally. It reviews the terms of an agreement for a service, a project or a deal and is often written as a step before a more detailed contract is issued. [1]
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.