Terms and Conditions of Contracts for Projects from POME by Gautam Koppala VT
a definitive business agreement. Letters of intent can be used to establish a basic understanding of the parties. Contrasted to a Letter of Contract, letters of intent are generally non-binding unless they specifically identify certain provisions as binding. A letter of intent will usually contain a provision that states that its terms are subject to the execution of a definitive agreement.
As the objective of a letter of intent is likely to set forth the party’s understanding of the scope, price, terms and schedule applicable to a specific opportunity, a standard template is not used. In general, the more detail that can be included in the letter of intent, the more helpful it is in facilitating a final formal contractual agreement between the parties.
Elements of a letter of intent that are normally considered binding and which
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