Letters Of IntentAs a person who''s always doing other people''s tech deals, I understand and still get the adrenaline rush of closing the big deal.
After almost two decades of practicing law, I''m still amazed at the number of legal fallacies that even sophisticated business people have about doing deals and properly documenting them. A prominent fallacy is that Letters of Intent (LOI) are always nonbinding.
The following questions have been addressed in this article:What is a LOI?
Can they cause problems like contracts do?
When should I be careful?
Is there a defensive tactic I can take?