Ziad K. Abdelnour, President & CEO Blackhawk Partners, Inc, the New York_based advisory firm on such matters, puts it this way: "Giving a Letter of Intent only means 'Yes I'm intent to buy the goods but I can change my mind anytime.' A letter of Intent is not a binding contract. [Hence] The Letter of Intent is a total waste of time on a worthless piece of paper."
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.