So let's sum things up:* The LOI and similar documentary terms, are non standard, confusing, and lead to ambiguity. * Documentary ambiguity is referred to in trade law as a condition "The Battle of the Forms" in which confusion from contradictory and ambiguous forms and documents damages the transaction. This should be avoided. * To seasoned corporate traders and bankers, using terms like "Letter of Intent" is the mark of amateurs. * What you properly want is an RFQ, request for quotation, from a seller or supplier. The seller may then reply to your RFQ with a quote OR full offer if they wish.
Other Terms and Conditions: This letter of intent sets out the conditions of the proposed sale and is dependent upon the signing of a definitive agreement by and concerning the buyer, seller and the company. The definitive agreement shall hold the schedules, representations, covenants, indemnities and all other provisions according to the terms and conditions of the letter of intent and following all standard conventions in regard to all usual and applicable commercial practices.