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.
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.