An LOI is a nonbinding legal agreement that not only expresses interest, but typically details the initial terms for the contemplated transaction, timing for due diligence, any contingencies (financing, Board approval, etc.), and specifies the timing to execute a final definitive agreement and close the transaction.
You may also want to avoid the following errors when writing a letter of intent for employmentǍ. Don't include personal information. 2. Don't talk about your weaknesses. 3. Don't mention salary unless specifically told to do so. 4. Don't mention why you left other jobs. 5. Don't mention other companies you have worked for by name in the cover letter unless they are recognizable, significant and impressive. 6. Don't use a one_size_fits_all approach. Customize your letter of intent for each employer you contact. 7. Don't include too much information or too many details. Hit the highlights and leave them wanting to learn more.