Letter of Intent

Overview

A specially drafted letter that outlines a future understanding or intention between two parties. It’s non-binding and used as a formal expresssion of good faith.

What is a letter of intent?

A letter of intent (LOI) is a specially drafted letter that outlines a future understanding or intention between two parties. It’s non-binding and used as a formal expresssion of good faith.

What does a letter of intent cover?

A letter of intent typically covers details of the proposed agreement, target completion date (if applicable), pre-conditions to the proposed agreement, the parties’ key obligations, options to include legally binding obligations of confidentiality, exclusivity and non-solicitation.

When should I use a letter of intent?

Typical scenarios where you might want to use a letter of intent are if you are interested in signing an agreement with another business, to formalise on-going discussions with another business, to record what has been agreed, before a legally enforceable agreement is drawn up, or to protect your valuable business information and key employees.

Do I need a letter of intent?

A letter of intent can be used in many situations and is an excellent way to outline future arrangments and demonstrate goodwill. They are a great business tool and are generally non-binding.

Further information

It can be terminated at any time by giving notice to the other party.

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