letter of intent
This query is : Resolved
25 April 2009
Can Letter Of Intent & contract is same?
Agreement contains the words "this LOI/cotract is enforceable till 20XX" Which Act cotain this provisions.
Agreement contains the words "this LOI/cotract is enforceable till 20XX" Which Act cotain this provisions.
CA. B.SRINIVASULU
(Expert)
26 April 2009
Letter of Intent and contract are not same.
Lettter of intent will contain the important particulars such as subject matter of contract, charges or fees, and the time schedule for completion.
Whereas the contract will give you detailes clauses and damges for delay and procedure for foreclosure and the quality of materials being used for completing the contract etc.,
You can refer law of contract for these words.
Lettter of intent will contain the important particulars such as subject matter of contract, charges or fees, and the time schedule for completion.
Whereas the contract will give you detailes clauses and damges for delay and procedure for foreclosure and the quality of materials being used for completing the contract etc.,
You can refer law of contract for these words.
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