How to Write a Letter of Intent
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.
Instructions
- Step 1: State terms clearly Spell out the essential elements of the verbal agreement you have reached with the other party.
- TIP: 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.
- FACT: The medieval period is considered by some scholars to be the golden age of European letter writing manuals.
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)