In fact, some experts have called the LOI a document whose use is primarily advocated or promoted only by amateurs and marginal dealers or "joker_broker" types in the crude trade business, especially the overzealous sellers' agents and brokers in a desperate hurry to land some buyers. Mr. Ziad K. Abdelnour, President & CEO of Blackhawk Partners, Inc, a New York_based advisory firm to traders and suppliers of metals, minerals and crude oil commodities, calls the LOI document something that is primarily "used out on the Internet by inexperienced traders," and by "inexperienced 'intermediary seller' who is claiming to be the supplier."
It is important that the description for the type of information is specific to what is being confidentially disclosed. As an example a software company working in the field of transportation systems might say; "The information being disclosed is a concept for passing waybills from carrier to carrier using mobile phone technology". This is by far preferential to saying "The information being to disclosed is information relating to software for transportation carriers". Anyone charged with determining whether confidential information is being disclosed is more able to make the assessment when the description is more specific.