Home > Terms > English, UK (UE) > Letter of intent (LOI)

Letter of intent (LOI)

Interim agreement, which contains the main points of the planned business or confirmed that a certain course of action is to be taken. Normal, there is no final agreement, but means a genuine interest in the final agreement, subject to due diligence, additional information or subject to certain conditions. The language in writing a letter of intent is of crucial importance and determines whether it is enforceable only expression of intention or obligation. Also called 'Memorandum of Understanding' or 'Area'.

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  • Part of Speech: noun
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  • Industry/Domain: Law
  • Category: Contracts
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