When it comes to starting a new business relationship or project, it`s important to have a clear understanding of each party`s intentions and expectations. This is where a letter of intent (LOI) can come in handy.
An LOI is a non-binding document that outlines the basic terms and conditions of a potential contract or agreement between two parties. It serves as a roadmap for further negotiation and can help to prevent misunderstandings down the line. If you`re unsure of how to draft an LOI, here`s a sample to help get you started.
[Your Name]
[Your Address]
[City, State ZIP Code]
[Email Address]
[Date]
[Recipient Name]
[Recipient Address]
[City, State ZIP Code]
Dear [Recipient Name],
I am writing to express my interest in entering into a formal agreement with your company regarding [brief description of the project or business relationship]. After careful consideration, I believe that our organizations share compatible values and goals and could produce outstanding results by working together.
In order to move forward with this partnership, I propose the following terms and conditions:
[Insert specific terms and conditions here. These may include details such as timeline, scope of work, payment structure, and any other relevant information. Be as detailed and clear as possible.]
Please note that this letter of intent is non-binding and does not guarantee that a formal agreement will be reached. However, I am committed to working collaboratively with your team to ensure that we produce a mutually beneficial outcome.
If you agree to the terms outlined above, please sign and return a copy of this letter to me within [insert time frame]. I look forward to the possibility of working with your company and am available at your convenience to discuss this proposal further.
Thank you for your time and consideration.
Sincerely,
[Your Name]
Overall, a letter of intent should be clear, concise, and specific. It should outline key details of the proposed partnership, while also expressing a willingness to negotiate and work collaboratively toward a positive outcome. By following these guidelines and customizing the above template to fit your individual needs, you can craft a letter of intent that sets the groundwork for a successful business relationship.