Some of these instances include: Schools: Many times a school will require a letter of intent when a new club or group is forming. Expansion or downsizing: Letters of intent are sometimes used to let employees of large firms know that the company plans on either expanding or downsizing certain departments.
v. Buyer will provide written verification of down payment funds in the amount of no less than $XXX,XXX upon signing of LOI. vi. Buyer and seller agree that seller is responsible for the payment of brokerage fees to XYZ Brokerage, Inc. in the amount of $XXX,XXX.