letter of intent

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letter of intent

a letter indicating that the writer has the serious intention of doing something, such as signing a contract in the circumstances specified. It does not constitute either a promise or a contract.
References in periodicals archive ?
time required to obtain formal board or other internal approvals for commitment to material contract sums or liability (where LOI works may be valued under the applicable threshold); and
For example, where an agreement may have been subject to site testing, this can be done under the LOI so that the formal contract is unconditional.
For buyers or sellers wanting the LOI to be non-binding, it should include language to that effect, but there might be issues that buyers or sellers do want the parties to be bound by, such as confidentiality, no-pirating and no-shop provisions.
If the LOI is offered to the customer after the LOA is offered to the customer, the first page will indicate when the LOA was offered to the customer.
Standard AFS test methods for LOI on new and reclaimed sands, as well as clay combustibles in clay bonded sands, require a 2-hr ignition in a muffle furnace at 1800F (982C).
The LOI includes a term that, in conjunction with the transaction, there will be a financing pursuant to which the combined surviving entity will issue up to an aggregate of 3,750,000 shares consisting of units which consist of two common shares of stock and one purchase warrant.
Company management cautions both shareholders and investors, that although there are no assurances that the conditions of the LOI can be met thereby allowing formal agreements to be completed, management is confident that it will achieve the objectives of the LOI and thereby move closer to realizing the full financing for the construction of the Dream Island Project.
Under these circumstances, the parties felt that it is not in either of our interests to extend the term of the LOI.
The LOI details the responsibilities and obligations of both parties to the project.
On Saturday, September 18, KFx signed a LOI with Kanturk Partners.
A break-up fee of US$7,500,000 is payable by the Selling Group to Canadian Shield if the Transaction contemplated by the LOI is not closed because the Selling Group sells their interest in Compania Minera to a third party.