There are various types of letters of intents for instance if you are applying for university or college then you would need to create a letter of intent for graduate school or university. If you are planning to apply for a job then you would need a letter of intent for a particular job position. If you are writing a letter of intent for a business then there a few things you need to keep in mind.
Trigger point for taking next steps: In addition to setting the key elements of the deal, the LOI is also a trigger point for critical milestones during process. Those trigger points are: For the seller to remove the practice from the market and focus on the single buyer. For the buyer and seller to begin conducting their due diligence. With agreement in principle on the main terms the seller will have more comfort in opening the books and sharing client information and the buyer will have more comfort in providing financial information.