Free Letter of Intent

A nonbinding letter sent to another party to outline the terms of a future transaction.

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Suppose you are working with another party or business over a possible sale of goods or other business deal. Nothing official has been signed yet, but you want to have something in writing that outlines the basics of the deal between you and the other party. You need a Letter of Intent.

Think of the Letter of Intent as the precursor to the official contract that will come later. Your business and the other business can lay out the general terms for the project and work out the details of the deal to make the process of creating the contract much smoother.

Frequently Asked Questions

A letter of intent is a non-binding letter outlining the details of a future transaction between two parties.

A letter of intent is a helpful tool for confirming the initial details of a future transaction between you and another party. You may be able to save a lot of time and avoid arguments when creating the contract if you already have a letter of intent put together.

To create your letter of intent, provide:

  • Effective Date - Give the date the letter is being created.

  • Party Details - Give the name and contact information for the parties to the contemplated transaction.

  • Details of the Transaction - Specify what the future agreement will be between the parties. Will it be a sale or some other transaction to take place?

  • Purchase price - Indicate whether a purchase price has been agreed upon, whether one is being suggested through the letter, or whether this will be determined in later negotiations.

  • Contingencies - If the transaction will only go through upon the occurrence of conditions, you should specify this in the letter.

  • Expected Closing Date - Estimate the date by which the transaction will be complete.

  • Additional Clauses - You may enter additional clauses related to your transaction if you desire.

    • Such additional terms include: Governing Law, Warranties, Liabilities, Terms of the Delivery, Projected Time Frame, etc.

    • You also don’t have to include any additional terms at all. However, the more you include in this letter, the easier it will be to create the formal contract later.

    • The language you choose to use for the additional terms does not have to be as formal as the contracts you are used to seeing. Clarity is what you should aim for when writing these terms.

Although the letter of intent is used as a precursor to a legally binding agreement, the letter itself is not legally binding. 

 

Our propriety form generator will assist you in creating your customized Letter of Intent within minutes. Answering the questions is not complicated – you only fill in the requested information and we will put it together for you.

Once you complete the questionnaire and place your order, it will be available for immediate download in either PDF or Word document from your secure online account including a step-by-step guide on how to use your document.   

A letter of intent does not require a notary.