letter of intent


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Related to letter of intent: cover letter

letter of intent

A letter signifying an intention to enter into a formal agreement, usually setting forth the general terms of such agreement.
References in periodicals archive ?
Mr Joyce believes that a risk management approach to business relationships should recognise that the costs of committing resources may not be recovered under a letter of intent.
Many real estate professionals believe that when the buyer is given a "free look" period within which to elect, in its sole and absolute discretion, whether or not to proceed with the purchase, the letter of intent should be binding as the buyer can always terminate the transaction during the "free look" period.