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.
For a Price Quotation.Hence the document's name, it meaning is expressed by it's name. Hence an appropriate response, for a vendor or supplier, is issuing a a price quote.So you see, the response requested is indicated in the very form and name of the document itself. The Letter of Intent has no established place in International trade law. Where they are used _ rarely _ is in some small niche internal markets and trades. The RFQ, Request for Quotation, a standard protocol in the business world, is what most brokers actually want when they err in using an LOI.