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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 .
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).
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.
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A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement.
A specific type of memorandum is the policy briefing note (alternatively referred to in various jurisdictions and governing traditions as policy issues paper, policy memoranda, or cabinet submission amongst other terms), a document for transmitting policy analysis into the political decision making sphere. Typically, a briefing note may be ...
Although the terms of reference of a project are sometimes referred to as the project charter, [4] there are significant differences between the two. This article describes a TOR containing detailed definitions, while a project charter has high-level requirements, assumptions, constraints and descriptions as well as a budget summary without ...
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