letter of intent

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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 ?
The letters of intent relate to a total of 720 days of work in the United Kingdom sector of the North Sea.
Letters of intent are a common element of many business transactions.
Types of documents seen at this stage include "letters of intent" and "proof of funds letters," all designed to make investors believe that they have to qualify for the investment.
However, because nonbinding letters of intent are more typical, for purposes of this analysis, we will consider the situation in which the parties desire the letter of intent to be nonbinding.
NAP asserted that the fifth and sixth letters of intent to the IMF, issued by the current government, were treaties, since they commit Thailand to amending at least 11 economic issues-related laws in accordance with IMF guidelines.
The Big Four broadcast networks have all signed letters of intent to support Smart, but the letters don't require them to invest the tens of millions of dollars to develop Smart into a national ratings company.
* Olin has also signed letters of intent to sell four urethanes businesses as part of its corporate streamlining program.
However, recent case law illustrates the danger of relying on letters of intent for an indefinite period rather than agreeing a detailed contract.