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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 .
A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not legally binding assurance.
Blue chip athletes often end recruiting with a hat selection ceremony in which they make an oral commitment, which generally leads to the formal signing of a National Letter of Intent. National Letters of Intent may only be signed by prospective student-athletes who will be entering a four-year institution for the first time in the academic ...
An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
An offer is defined as "an expression of intent to conclude a contract with another person" and is required to "be specific and definite" and to expressly indicate that "the offeror is to be bound by his expression of intent upon acceptance thereof by an offeree". [206]
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Fees are generally one-time-only payments made by the union member to the union to cover the administration of ongoing programs or activities. One example is the initiation fee, a fee charged by the union to the worker when the employee first joins the union. The initiation fee covers the administrative costs of joining the union.
A membership organization is any organization that allows people or entities to subscribe, and often requires them to pay a membership fee or "subscription". [1] Membership organizations typically have a particular purpose, which involves connecting people together around a particular activity, geographical location, industry, activity, interest, mission, or profession. [2]