A letter of intent is a way of formalizing the terms of a verbal agreement between two parties without signing a contract. Here's how to write one.
You will need
- Verbal agreement
- Parties to the agreement
- Valid dates for the agreement
- Termination conditions
- Understanding about binding terms
- Request for a reply
- Terms and conditions (optional)
Step 1 State terms clearly Spell out the essential elements of the verbal agreement you have reached with the other party.
State clearly all significant terms and conditions in the agreement, including services to be provided and fees to be paid.
Step 2 Identify all of the parties Identify all of the parties subject to the agreement.
Step 3 Specify dates Specify the beginning and ending dates of the period for which the agreement is to remain valid.
Step 4 Include a termination statement Include a statement explaining how the agreement can be terminated.
Step 5 Add a statement about the agreement being binding Add a statement that both parties understand they are entering a binding agreement — if that is in fact the case.
Step 6 Request a reply Request a reply if the other party does not agree that the letter accurately reflects the verbal agreement. Then sit back knowing that you have clearly stated the terms of your agreement.
Did You Know:
The medieval period is considered by some scholars to be the golden age of European letter writing manuals.