Letter of intent
A letter of intent is a non-binding contract that comes before a binding agreement is signed.
What is a letter of intent?
A letter of intent is a non-binding contract that comes before a binding agreement is signed.
Such binding contracts may come in the form of a share purchase agreement or asset purchase agreement, but the letter of intent format is used to help communicate the want to form an agreement. A letter of intent will not commit to anything, but it is the intention aspect of it that can help in both future private or occupational contracts. It may even include the price regarding a potential sale transaction or a fee for a future working relationship.
However, importantly, a letter of intent should usually not contain guarantees.
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