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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 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. [ 1 ] A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated.
Gather business loan documentation. To apply for the business acquisition loan, you may need this list of documentation on hand: Signed letter of intent. Business bank statements. Business tax returns
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 soft probe is a confirmation method used by banks to verify funding for a seller from a buyer, conducted by the seller's bank to the buyer's bank.Such a probe is not recorded in the buyer's banking information, and usually nothing but confirmation or lack of confirmation is recorded by the seller.
The article Circle Star Energy Receives Funding for 3D Seismic Shoot & Enters Into Letter of Intent originally appeared on Fool.com. Try any of our Foolish newsletter services free for 30 days .