The LOI as it is now used is a misunderstood application of poorly informed brokers and traders. A more proper application based on established custom and practice in International trade, going back even to the old medieval "Law Merchant" (Lex Mercantilis) is: Buyer requests a quotation _ in modern usage this is an RFQ/Request For Quotation _ NOT an LOI. Seller may then reply with a Quote. Buyer confirms receipt of quoted prices, and requests an Offer.
FOR A FOLLOW UP _ YOU WANT TO FOLLOW UP ON FINDING CRUDE OUR SELLERS THAT DO NOT DEMAND LOI? OR, AS A CRUDE SELLER, TO FIND OUT HOW YOU CAN STRUCTURE YOUR DEAL FOR A NON_LOI OFFER? Please see the instructional information in the author's resource box below