Construction Letter Of Intent Definition
A construction letter of intent is a document that outlines the key terms and conditions of a construction project. It is typically used to secure financing for a project, but can also be used to finalize agreements between owners, developers, contractors, and other parties involved in the project.
The key terms and conditions that are typically outlined in a construction letter of intent include:
– The total cost of the project
– The timeline for completion of the project
– The roles and responsibilities of each party involved in the project
– Any legal or financial obligations of each party involved in the project
A construction letter of intent is not a binding contract, but rather is meant to serve as a framework for further negotiation and discussion between the parties involved. It is important to note that all parties must agree to the terms outlined in the letter of intent before any work on the project can begin.
