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Letter of Intent (LOI):

A Letter of Intent is written once a general agreement has been worked out between parties such as a buyer and a seller, and outlines the various points of the general agreement.  An LOI is usually non-binding and contains a non-binding clause.  CAUTION:  If the LOI is binding, then it should be reviewed very carefully by an attorney, and the reasons for such a commitment need to be reviewed with extreme caution since the Letter has now become a contract.

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