Accounting Practice Sale _ Why Use a Letter of Intent in an Accounting Practice Acquisition? I have presented several webcasts in the past month and in all of them there have been questions about the use and value of a Letter of Intent (LOI) _ in our process this is typically a non_binding agreement that signifies agreement in principle on the core deal points and agreement to negotiate in earnest on all remaining items.
If what you want is a quotation or offer, then sending a letter of intent makes you look ignorant while requesting a quotation will generally at least make you look like you know what it is that you want. And what you want, after all, is a price quote. Hence you want to request a price quote, via a request for quotation.