Define: Letter of Intent (LOI)
Letter of Intent (LOI) means a written notification to a bidder, indicating acceptance of their offer and intention to commence agreed work.
Letter of Intent (LOI) means a written notification to a bidder, indicating acceptance of their offer and intention to commence agreed work.
Relevant Circumstances
- When a buyer signals acceptance of a bid before signing the full contract
- If preparatory work can begin under cover of an LOI
- Where exclusivity, break fees or confidentiality bind parties pre-contract