Among Internet based brokers and agents the LOI is commonly advanced as a leading inquiry document. This protocol is utterly incorrect, and misuse of the LOI is often seen by experienced Exporters as a mark of an amateur. Letters of Intent are not standard international business documents, though they do legitimately pop up rarely, much less often than most brokers believe.
"Letters of intent are often touted as a 'non_legally binding' way to get the parties to set forth in writing what the undertaking is among them relative to a transaction. Too often, parties will sign such a document, feeling that they have little or nothing to lose by doing so... [True, that's] one of the attractive elements of the letter of intent [its purported non_binding nature]. However, courts have found letters of intent to create binding obligations, even if the letter itself does not explicitly state that it is binding... certain provisions within the document may indeed [still] have legal effect."