You have heard the term "letter of intent" if you have explored International business. However you might find yourself unsure and confused about how it is used.
Traders are better off NOT using documents like LOI, ICPO, FCO, etc. Even if and when they rarely are used in internal trades, on a restricted level within specific industries, they have no legal or customary basis in International Trade whatsoever. In fact the presence of many of these terms are considered to be signs of Advance Fee Fraud, by knowledgeable players and law enforcement.