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007769127 2 Letter Of Intent For School

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The Letter of Intent is a non_binding document of inquiry, stating one's interest and intent. The more appropriate document for an Importer to use when initiating contact with an Exporter or supplier is an RFQ _ Request for Quotation. Many brokers and new traders believe that the LOI establishes some sort of firm inquiry, nothing can be further from the truth. There is absolutely nothing binding whatsoever about an Letter of Intent because all that it does is to establishes an intention _ for example, I can sit down and write a letter of intent to buy the empire state building and it would be, utterly non binding.

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.

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