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Redact Letter Of Intent

Redact Letter Of Intent

Aug 6th, 2022

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How to Redact Letter Of Intent

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A letter of intent (LOI) is a document where parties express their intention to agree on terms in the future, often seen as a preliminary step in negotiations. Despite its quasi-contractual nature, many business clients are unclear about its purpose. Tom Riley clarifies that an LOI is not a formal contract, but rather an indication that parties are considering an agreement. It serves to outline intentions without committing to specific terms immediately, likening it to a "substitute teacher" for contracts—an initial discussion about potential agreements without firm obligations.

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