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CSSO Letter of Agreement: Author: ABB: Software used: Acrobat PDFMaker 7.0.7 for Word: Conversion program: Acrobat Distiller 7.0.5 (Windows) Encrypted: no: Page size: 612 x 792 pts (letter) Version of PDF format: 1.4
Original file (1,239 × 1,754 pixels, file size: 108 KB, MIME type: application/pdf, 10 pages) This is a file from the Wikimedia Commons . Information from its description page there is shown below.
The difference between the two is slight and mostly a matter of style: an LOI is typically written in letter form and focuses on the parties' intentions; a term sheet skips most of the formalities and lists deal terms in bullet-point or similar format. There is an implication that an LOI only refers to the final form.
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
A Letter of Understanding (LOU) is a formal text that sums up the terms of an undertakings of a contract which may have been negotiated up to this point only in spoken form or otherwise informally. It reviews the terms of an agreement for a service, a project or a deal and is often written as a step before a more detailed contract is issued. [1]
In business, an MoU is typically a legally non-binding agreement between two (or more) parties, outlining terms and details of a mutual understanding or agreement, noting each party's requirements and responsibilities—but without establishing a formal, legally enforceable contract (though an MoU is often a first step towards the development of a formal contract).
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