Perspective
Nov. 4, 2011
Letters of Intent: creating inadvertent obligations
The issue of whether a letter of intent creates any legally enforceable obligations is not black-and-white. By Marshall P. Horowitz and Joshua Schneiderman of Snell & Wilmer LLP
Parties have long used letters of intent, term sheets and memorandums of understanding (otherwise known as "LOIs") to express a preliminary interest in a transaction and to outline the general business terms of the potential transaction. LOIs save parties time and money, as they allow the parties to identify and resolve high level business issues before drafting more detailed transaction documentation. Si...
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