letter of intent

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Letter of intent

An assurance by a mutual fund shareholder that a certain amount of money will be invested monthly, in exchange for lower sales charges. In mergers, a preliminary merger agreement between companies after significant negotiations.

Letter of Intent

1. A document detailing a parent's wishes with regard to his/her minor children in the event of his/her death. For example, a letter of intent may state with whom the parent wants the children to live. While it is not a legal document, judges often use letters of intent along with other documents when determining the best interests of the children with regard to their future.

2. A document indicating a corporation's intent to undertake a merger or acquisition. A letter of intent outlines the details of the merger or acquisition, including the purchase price and whether it will be paid in cash, stock, and/or debt. It is important to note that a letter of intent it not legally binding and may not be enforced. However, an LOI shows that the company is serious in its intention and there may be reputational risk in not following it.

letter of intent

An agreement by a mutual fund shareholder to invest a specific sum over a defined period in order to qualify for reduced sales fees. The reduced fee may apply to an individual fund or to all the funds operated by an investment management group. Compare breakpoint. See also right of accumulation.

letter of intent (LOI)

A signed document between parties setting out the deal points on which they agree and leaving for later negotiation the minutia over which the lawyers will argue. In the absence of any limiting language in the LOI,it can be construed as a binding contract between the parties.Usually,however,the LOI will recite that it is only an expression of interest regarding the parties' mutual intent, that the parties have not reached an agreement regarding any terms or provisions of a contract,and the LOI is neither a contract,nor an offer capable of acceptance,nor evidence of a contract,but merely the current status of negotiations that might possibly lead to a contract.

References in periodicals archive ?
In performing the microwave furnace LOI test, the following procedure is followed:
For example, a sand containing seacoal and a sand with an equal percentage weight of woodflour would have the same LOI data.
In the meantime, while an LOI remains a useful tool in the acquisition process, contractors must be aware that merely saying the LOI is nonbinding may not be sufficient to avoid affiliation.
The LOI can make clear that confidentiality is binding and survives termination of the LOI, and both parties should decide up front when and how to disclose the transaction.
If the LOI is offered to the customer after the LOA is offered to the customer, the first page will indicate when the LOA was offered to the customer.
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