How to write a Letter of Intent
The Letter of Intent is a type of non-binding agreement that contains commitments that can be formalized later by drafting a contract. If you sign several parts, also speaks of a memorandum of understanding.
The Letters of intent resemble written contracts, but generally are not binding on the parties as a whole. Many letters of intent, however, contain provisions that are mandatory, such as non-disclosure agreements, a covenant of good faith and willingness to promising exclusive rights to negotiate.
Some purposes of the letter of intent may be:
– Provide guarantees if the deal collapses during negotiation
A Letter of Intent may also be considered as a memorandum of understanding, or sheet list of conditions discussed. Although the terms refer to different documents, the differences are often formal, reflecting different styles of writing or business customs, and not a substantial difference in what they pursue these different papers.
In the United States, the Letters of Intent are often made between high school athletes and major colleges and universities, which in turn reserved for athletes athletic scholarships upon graduation.
In academic settings, the Letters of Intent are part of the application process. In this context also known as Statement of Purpose or Application Essay.
– People with disabilities.
The letter can be a document written by the parent or guardian that describes the history of child or disabled adult son, the current status and location of all other documents. In case of death of people with disabilities, the courts rely on the letter of intent to understand the will of the family.
Often school administrators, particularly in secondary schools, they need a letter of intent to approve the creation of an organization or club.