Kalogredis calls that basic fact that a document generally viewed by many as a casual and non_binding document, could atimes still become binding under certain unpredictable circumstances, "one of the traps in a letter of intent," and adds: "My advice [to parties contemplating having an LOI] is to proceed with caution before signing any such document. As a general rule (and there are exceptions), I urge the parties to go right to the final documents and "dot all of the I's and cross all of the T's," rather than go through this interim step of a letter of intent, which has many potential traps."
4 _ A time line is an important ingredient in the agreement for finalization purposes. This is a significant point. Once you sign the document and issue a press release, all will be watching you. For the sake of efficiency, it's to everyone's advantage that the agreement is completed as soon as practical. 5 _ A confidentiality accord is something which is an inherent component of any business contract. By signing a confidentiality accord, all those included agree that the details hashed out will remain confidential.