What is the difference between a Letter of Intent and a Contract?
An example of an AI chatbot conversation about the difference between LOI and contracts.
What is the difference between a Letter of Intent and a Contract?
A Letter of Intent (LOI) outlines preliminary agreements and intentions, while a contract is a legally binding agreement.
Can you give me an example of when to use an LOI?
Sure! An LOI is often used in business negotiations to express interest before finalizing a contract.
Are there any legal implications for an LOI?
Generally, LOIs are not legally binding, but they can include binding clauses, so it's important to be clear.
What should I include in a Letter of Intent?
Include the purpose, key terms, timelines, and any conditions that need to be met before a contract is signed.
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