A Letter of Intent (LoI) is a legal document that may be used by someone to declare their intention for a particular purpose such as to make a sale or purchase or to clarify certain aspects of a business transaction or such. A Letter of Intent is used to show that one intends to proceed towards the negotiation for the sale or purchase of something and to secure one’s interest in the same.
The LoI shows the seriousness of the party to continue towards a sale or purchase and that the other party must stop entertaining other offers for this purpose. You must hire the top Documentation Lawyers in India to help you draft a Letter of Intent that is well-drafted and legally sound.
- You discuss the purpose of the LoI with the lawyer and the essentials that it must contain
- Your expectations and limitations are laid down including such provisions that are negotiable and that which is non-negotiable
- Draft LoI is drafted by the lawyer and deliberated by you
- Final draft of the LoI is prepared by the lawyer
- The final LoI is signed by you and sent to the other party