Letter of intent
A formal business letter that states the intended agreement between two or more contracting parties, sent to outline the terms that will be formalized in a contract.
A letter of intent is a document stating the preliminary understanding between parties before a formal contract is executed. It outlines key terms and conditions, serving as a framework for negotiation and providing assurance of commitment to the project.
Used in a sentence
The letter of intent outlines our preliminary agreement before the formal contract is finalized.
Synonyms/variation
LOI
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