Develop Phase: Preliminary Agreements - Letters of Intent
3 important questions on Develop Phase: Preliminary Agreements - Letters of Intent
What is the purpose of a letter of intent (LoI)
A great deal of obligation and liability can arise with their use.
In what situations is a LoI used?
What is a paradoxical contradiction about LoI?
--> If the parties do not intend the letter of Intent to be binding, it must be explicitly stated. If the Letter of Intent stays silent whether it is non-binding, then it is presumed to be binding and enforceable in the courts.
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