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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 .
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.
Other memorandum formats include briefing notes, reports, letters, and binders. They may be considered grey literature. Memorandum formatting may vary by office or institution. For example, if the intended recipient is a cabinet minister or a senior executive, the format might be rigidly defined and limited to one or two pages. If the recipient ...
The Under2 Coalition is a 2015 memorandum of understanding which sets climate change mitigation goals for jurisdictions with over 1 billion residents. On December 2, 2019, the Michigan Department of Natural Resources and the Saginaw Chippewa Tribal Nation signed an MoU to co-manage the Sanilac Petroglyphs Historic State Park.
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In written form such as a memorandum, the subordinate documents the research done, the facts gathered, and analysis made of alternative courses of action. The memo concludes with a specific recommendation for action by the superior. The earliest description of the concept of Completed Staff Work appears in U.S. Army publications. [1]
A collective note is a letter delivered from multiple states to a single recipient state. It is always written in the third person. [6] The collective note has been a rarely used form of diplomatic communication due to the difficulty in obtaining agreements among multiple states to the exact wording of a letter. [7]
The following advantages of paper letters over e-mails and text messages are put forward: No special device is needed to receive a letter, just a postal address, and the letter can be read immediately on receipt. An e-mail may sit in a recipient's inbox for some time before being read, or may not be read at all; a paper letter is more likely to ...