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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."

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."

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