Deadlines _ How much time is the buyer requesting to complete the due diligence process and what is the proposed closing date? The buyer may also place a time limit (usually a week) on the seller to accept or decline the LOI itself.
down and write a letter of intent to buy the empire state building and it would be, utterly non binding. Why? Because my intent can change. I intend to buy the Empire state building, but who cares what my Intent is? Many traders and Brokers treat a Letter of Intent as if it were holy writ. This is a critical beginner's mistake. As its name indicates _ this document expresses an intent.