Kalogredis calls that basic fact that a document generally viewed by many as a casual and non_binding document, could atimes still become binding under certain unpredictable circumstances, "one of the traps in a letter of intent," and adds: "My advice [to parties contemplating having an LOI] is to proceed with caution before signing any such document. As a general rule (and there are exceptions), I urge the parties to go right to the final documents and "dot all of the I's and cross all of the T's," rather than go through this interim step of a letter of intent, which has many potential traps."
The Road to Hell is Paved With Hugh Jackman's Letter of Intent. There really is no benefit to seeking letters of intent from actors (or their reps). Producers hate asking for them, reps hate writing them, and financiers ignore them. They're usually out of date. They're not binding, nor are they conditional to anything that's relevant. And yet, they still rampantly persist within indie producing and packaging.