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Letter of Intent: What Is It and Do You Need One?

Letter of Intent: What Is It and Do You Need One?

Letter of Intent: What Is It and Do You Need One? There is much at stake in most business deals. It often makes sense to use a letter of intent to clarify the parties’ intentions. What is a Letter of Intent (LOI)? A Letter of intent (LOI) is a letter between two (sometimes, even three or more) parties or companies outlining the basic terms of a prospective business transaction. Essentially, one company uses the document as a declaration of commitment to do business with another. While businesses can draft similar agreements in many formats, an LOI’s distinct feature is its letter format. Businesses can...

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CONTRACTS AND CORONAVIRUS: Is the Coronavirus a Valid Excuse for Missing a Contract or Lease Payment

CONTRACTS AND CORONAVIRUS: Is the Coronavirus a Valid Excuse for Missing a Contract or Lease Payment? These are extraordinary and uncertain times. The one near certainty we have about the future is that it will take a long time to get back to business as usual. In the meantime, most businesses have had to severely curtail or completely shut down operations. To make matters worse, business owners can only guess when they will be able to reopen. All this has had a devastating effect on cash flow. As a business owner, chances are, you have contracts to fulfill and rent to...

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