An LOI is a nonbinding legal agreement that not only expresses interest, but typically details the initial terms for the contemplated transaction, timing for due diligence, any contingencies (financing, Board approval, etc.), and specifies the timing to execute a final definitive agreement and close the transaction.
While drafting a business letter of intent, there's a number of issues you need to consider _ 1 _ It's best mentioned that it is a non_binding document. Information surrounding the issue should be restricted to the absolute minimum whilst remaining in accordance with the document. The other party or parties may become impatient & seek legal advice if you don't stick to the rules.