Posts tagged as:

LOI

Contractor’s continuing to work under an expired LOI results in not getting reimbursed for termination expenses

July 27, 2009

An oil refinery and a contractor signed a letter of intent saying that the refinery intended to award the contractor a significant contract to handle a plant-shutdown and -maintenance project. The LOI included a provision requiring the contractor to get started on the work even before the final agreement was signed, and to be paid [...]

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Letters of intent: their highest and best use is disavowing a binding contract

June 30, 2009

A letter of intent — aka an LOI, sometimes known as a memorandum of understanding or MOU — is the equivalent of comfort food; it’s something you can show your boss to reassure her that the transaction you’re supposed to make happen is moving forward. The most useful function of a letter of intent, though – arguably [...]

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