A Letter of Intent (LOI) is a document that outlines the preliminary understanding between parties who intend to enter into a formal agreement. It serves as a foundation for negotiations and clarifies the key terms and intentions of both parties. While not legally binding, an LOI can set the stage for a successful partnership or transaction.
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Letter of Intent Template
Subject: Letter of Intent for [Subject of Intent]
Date: [Insert Date]
To:
[Recipient's Name] [Recipient's Title] [Recipient's Company/Organization] [Recipient's Address Line 1] [Recipient's Address Line 2] [City, State, Zip Code]
Dear [Recipient's Name],
I am writing this Letter of Intent to express my intention regarding [briefly describe the purpose, e.g., purchasing property, entering into a business agreement, etc.]. This document outlines the preliminary understanding between us and serves as a basis for further discussions.
This Letter of Intent is governed by the laws of [State, if applicable], and any disputes relating to this document will be subject to resolution under those laws.
The main points of this Letter of Intent are as follows:
This Letter of Intent is non-binding and is intended to serve as a preliminary expression of interest. It expresses our desire to move forward but does not constitute a legally binding obligation on either party unless a formal agreement is executed.
Please indicate your agreement with the terms outlined in this Letter of Intent by signing below and returning a copy to me by [insert date].
Sincerely,
[Your Name] [Your Title] [Your Company/Organization] [Your Address Line 1] [Your Address Line 2] [City, State, Zip Code]
Agreed and Accepted by:
[Recipient's Name] [Recipient's Title] [Recipient's Company/Organization]
Signature: ______________________________________
Date: __________________________________________
A Letter of Intent (LOI) is often accompanied by several other documents to ensure clarity and structure in negotiations. Below is a list of commonly used forms and documents that complement the LOI. Each plays a vital role in the overall process.
These documents, when used alongside the Letter of Intent, help clarify intentions and facilitate smoother negotiations. Ensuring that all parties understand their roles and responsibilities is crucial for a successful outcome.