Detailview for term

name of the term: Letter of Intent
descriptions of the term:

Letter of Intent

A Letter of Intent (LOI) is a written one-page non-binding declaration indicating that two or more contract parties confirm that they are negotiating about concluding a contract. The LOI normally forms the basis for the subsequent contract. Generally, it is not legally binding, but can justify legal obligations, depending on the wording. (e.g. in terms of protection of confidence or fulfillment of obligations).

Type of term: definition
Language of the term (2 char ISO code): en