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Nowadays, to hear many of the oil sellers and operators, particularly their brokers and agents, who are involved in the international open market crude selling, describe it, this document _ called the "Letter of Intent" or LOI, for short _ is not only an essential document for doing crude oil business, but one which every credible person or company engaged in crude buying should always use in initiating a purchase. To many of these operators, not only should crude oil buyers use the LOI to initiate their buying orders, but initiating the purchase order in that manner, they say, has always been the usual way by which credible buyers initiate their purchasing projects, as doing it that way indicates, they claim, that a buyer is "serious" and genuinely committed to making a purchase.

To conclude, there's perhaps no more apt way to conclude this piece, than to quote this very fitting statement by contract law attorney, Ivan Hoffman, of California: "[Given that] the letter of intent is essentially a legally worthless document [but yet one that could potentially cause many serious legal problems for the signer]. It is not clear to me the reason any party would ever bother to create such a document and yet I have seen it used on many occasions."

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