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A letter of intent (LOI) is a document where parties indicate a willingness to agree on terms in the future. Despite its name, an LOI is not a formal contract but serves as a preliminary agreement, akin to a substitute teacher in the contract world—informing parties of future discussions without making binding commitments. Many clients inquire about LOIs without fully understanding their purpose. Essentially, an LOI outlines the intentions of the parties involved, paving the way for further negotiations. Tom Riley explains that while they can be useful, they can also lead to confusion among those unfamiliar with their function.
