This Letter of Intent (LOI) can be used for any commercial transaction, such as confirming interest in a software product with a client. It is purposely kept lightweight and simple, where the key commercial terms can be filled in. It is not a legally binding document, but makes reference to a potentially future "Formal Agreement".
A letter of intent is a document that establishes the intent of the parties to enter into a contract. It sets forth the material terms and conditions of the proposed agreement, and is used to gauge the willingness of the parties to move forward with the transaction. A letter of intent is not a binding contract, but may be used as evidence of the parties' intent in the event of a dispute.
A Memorandum of Understanding is a document that outlines an agreement between two parties. It is not a legally binding contract, but it is a way to make sure that both parties are on the same page and understand the terms of the agreement. The Memorandum of Understanding should include all of the important details of the agreement, such as what each party will do, what the timeline is, and what the consequences are if either party does not hold up their end of the agreement.
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Use this agreement when bringing an advisor on board to formalize variables such as job role and responsibilities, duration of contract and compensation. The agreement also sets forth certain key terms such as confidentiality and intellectual property.
This template is to be used the next time your company needs to set out terms with an individual (i.e. not to be used for agreements involving a personal service company as defined within IR35). It sets out the terms on which a contractor provides services to a client company, and is perfect for freelance software developers, marketing consultants, designers, PR/HR/recruitment consultants.
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