The Letter of Intent is not binding, and rather silly at the worst of times. An LOI by definition only registers intent to purchase, and it specifies this intent weakly, and due to its ambiguity should be avoided.
Many newcomers to the world of international business are given confusing advice on the proper documents to use in their business. The Letter of intent / LOI is a document that many refer to, but actually is poorly understood. Without proper understanding of the document you might find yourself making mistakes in your business that will cause you great embarrassment.