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Other Terms and Conditions: This letter of intent sets out the conditions of the proposed sale and is dependent upon the signing of a definitive agreement by and concerning the buyer, seller and the company. The definitive agreement shall hold the schedules, representations, covenants, indemnities and all other provisions according to the terms and conditions of the letter of intent and following all standard conventions in regard to all usual and applicable commercial practices.

LOI is fraught with many legal booby traps & pitfalls especially for the buyer. But probably the most damning reason why credible crude buyers would have little or no use for LOI in their buying dealings, is that using the LOI is fraught with many incalculable legal traps and pitfalls much of which could atimes be very costly for, and to the detriment of, the buyer, according to legal authorities and contract law experts.

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