Letter of intent is a document drawn up to close mammoth business deals that rest on the consensus of two participating individuals. Usually such letters are given to initiate the formalization process of joint acts that allow the participants to engage in official negotiations given the relaxed nature of these professionally-written contracts. Therefore, it is not as stringently forceful in character as other financial bonds.
Letter of intent or memoranda of agreement is a very crucial document for any kind of business deal involving two parties and hence it should be signed only after meticulous reading and detailed understanding of the entire content. The points given below provide a guide to close a letter of intent successfully:
The details including the name of the concerned person, department, and designation of the person must be given accurately. It’s best to leave it nameless if the name of the person or who to address is not known for certain.
It is preferable to give the letter in typing rather than in hand-written to maintain the business class and feel of the deed.
The main information should be covered up in the first paragraph which includes the introduction of the writer and his field of interest.