The websites Entrepreneur and Rocket Lawyer offer examples and styling guides for letters of intent. A letter of intent is used in business transactions to communicate an intention to enter into a serious, formal relationship. According to Rocket Lawyer, a letter of intent protects the rights and responsibilities of each party, but it is not legally binding until contractual agreements are signed.Continue Reading
Letters of intent are specific statements of what the buyer and seller anticipates in the relationship. Examples of terms are the expectations regarding the purchase of specified tangible and intangible assets, a due diligence clause that allows for an in-depth review of financial documents and terms of continued employment for current employees. Once a letter of intent is extended, the seller is excluded from negotiating with another party.
Non-business letters of intent are used in academia to express an intent to enter a certain college or to establish interest in, and qualifications for, an employment opportunity. Real-estate purchase offers are examples of non-binding sales contracts. A reliable template for college and job applicants is found at the New York City government website. For higher education, this type of letter is short and accompanies an admittance application. For job seekers, a letter of intent replaces a cover letter.Learn more about Business Resources