LOI (Letter Of Intent)
A Letter of Intent (LOI) is a legally non-binding document outlining the preliminary terms and conditions of a procurement agreement between two or more parties. The LOI serves as a starting point for negotiations, ultimately leading to a binding agreement that outlines all of the relevant details of the contract. This document is typically used in high value procurements to ensure that all parties have agreed on the key objectives and deliverables prior to entering into an agreement.
