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A Letter of Intent is a legally-binding contract which says that you will attend that college for a minimum of 1 academic year in exchange for an athletic scholarship. Once you sign a LOI, the recruiting process is over.You can change your mind and go to a different college, but there are penalties for this.

A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another. The letter outlines the chief terms of a prospective deal. Commonly used in major business transactions, LOIs are similar in content to term sheets.

A letter of award, also known as an award letter, is sent by a client/employer as written confirmation that a tenderer has been successful and will be awarded a contract.As a result, a letter of award may be referred as a 'letter of intent to award' or it may include caveats.

A letter of intent is a document outlining the intentions of two or more parties to do business together; it is often non-binding unless the language in the document specifies that the companies are legally bound to the terms.

Most letters of intent ("LOI") contain some language that makes the LOI non-binding. Does that mean that the parties have no obligations, and can unilaterally back out of the proposed deal? While each situation is fact-specific, in most situations and subject to some limitations, a party can back out of the deal.

Once the LOI is signed, the next steps are to negotiate the purchase agreement and perform due diligence. These are separate processes, but they usually occur in parallel and take about 90 days to complete.

Letter of intent (LOI) is a document of one or more LEGAL agreements between two or more parties. LOI is later responsible for a final agreement. Offer letter is something similar to 'Letter of acceptance'(LOA).