Of course you may add or subtract items as needed or change the time limits for your particular transaction. This little contract clause may save you from making a huge mistake down the road, so be sure to save this one for future reference!
Selling a Business _ Why the Letter of Intent is So Important. A Letter Of Intent, or LOI, is an "intermediate" document drafted and submitted to you by the buyer.I say intermediate, because it is not the final contract. But it spells out the major elements of the sale the buyer and seller have agreed to so far. Typically, you will accept a Letter Of Intent and then enter into a period of exclusive negotiations with just one buyer. The Elements Of The Letter Of Intent.