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Small Business Resources > What is a Letter of Intent?

What is a Letter of Intent?

Definition of: Letter of Intent (LOI)

Letter of Intent (LOI) An agreement between a buyer and a seller. The letter of intent describes the basic terms and conditions of the transaction between the buyer and the seller, including price, payment terms, due diligence periods, exclusivity and any other basic conditions to closing the deal. The letter of intent is signed before a purchase agreement is entered into. In most cases a deposit is given along with the Letter of Intent.

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