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What is a Letter of intent (LOI)?

A document in which two parties state their intentions to do business with each other.

The LOI outlines the goals that the two parties want to achieve together, the means they plan to achieve them with, and the relationship between the two of them. The LOI usually differs from a contract as it is not legally binding.The term sheet is the same as the LOI, only in a listicle format instead of the form of a letter.

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