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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.
[6] [7] Gates wrote a letter of intent to purchase the company in return for shares of Microsoft. [6] [7] However, the deal fell through and Microsoft instead purchased Living Videotext's competitor, Forethought, Inc., makers of Powerpoint, in a $14-million deal.
IceWEB Signs Letter of Intent to Acquire Computers and Tele-Comm, Inc. Highly Secure, Vastly Expandable Datacenter, Network Access Point, and Wireless Internet Service Represent Immeasurable ...
Term sheets are very similar to "letters of intent" (LOI) in that they are both preliminary, mostly non-binding documents meant to record two or more parties' intentions to enter into a future agreement based on specified (but incomplete or preliminary) terms. The difference between the two is slight and mostly a matter of style: an LOI is ...
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.
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