A letter of intent may be sent by a company to other usually by a purchaser to seller for establishing terms and conditions of the sale. It is meant to write from one company to another acknowledging a willingness and ability to do business. A letter of intent is not a contract and cannot be enforced because it is just a document that states serious intent of the writer to execute certain business activities but it has some legal importance for instance a purchaser can reserve some goods until the final decision and the supplier will be liable to keep the things reserved. A letter of intent should be written carefully because it has legal importance also.
A letter of intent is a formal written document which mostly signed between parties as a referring note used when specific plan is also in under discussion. No two ways about, people will sign this document when they’re willing to enter in a contract for achieving the objectives. Yes! A sample letter of intent may be sent by one company to another for establishing the terms and conditions of the sale. Basically, this type of document will generate as a component which determine the willingness and ability of another company to do business.
As a matter of case, we can say that this letter of intent is not a proper contract; it’s actually a document use to acknowledge or state the serious intent of writer. Anyway, people should have to write this letter of intent template carefully because it has legal accessions to complete certain business activities. Moreover, individuals can sign this letter of Intent as a note of declaration.
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