Whether you have acquired a lease on a real estate property or obtained a grant for a scholarship to a university, sometimes you have to solidify them in writing. Even if you confirm an agreement about a particular decision or transaction verbally with another party, you have to make it formal through a letter. This is why letters of intent are handy in situations like this.
A letter of intent is a written document that serves as a way to confirm an agreement or transaction between two entities. It is also called a Memorandum or Letter of Understanding. Contrary to common belief, it is entirely different from a contract. It is usually used among professionals to either begin a partnership or make a request for something.
Letters of intent help in negotiations, moving deals forward, and even reduce legal fees, as mentioned in an article by Forbes. This is why a lot of entities from small businesses to prestigious colleges would often ask for one. If this is your first time creating a letter of intent, take a look at these tips for ideas.
When writing a letter of intent, you may start with a few pleasantries, however, try not to overdo it and derail your train of thought in this message. Be direct and mention your intentions as soon as you can. Take, for example, if you are writing a letter regarding promotion for a new job position in the construction company you work at, then mention that in your message so that the reader can understand you right away.
Letters of intent are a formal document, so you should keep it organized. Doing so will also give your readers an easy time looking through it. You may take a look at other examples of letters and agreements to have an idea to make your version.
Whoever you are writing to be it a school or a company, research on who they are before drafting your letter of intent. Doing so will make it easy for you to write to them since you know what they do and what will get their attention.
Once you have completed the final draft, take some time to check on your content. Typos, grammatical errors, and misplaced words can turn your readers from looking through the whole letter. So it will do you a lot of good to double-check. Make sure the summary is understandable and that the tone you use is professional.
An offer letter contains information on the job they offer to a candidate. Meanwhile, it is the candidate that writes a letter of intent to the company. While they both serve similar purposes, they come from different sources.
While remaining short and concise, a letter of intent should reach 2 to 4 pages. The length also depends on who the recipient is and if there is already a specific format requested.
In a business setting, the letter of intent’s use is to declare the commitment of one entity to another. This is usually used during business transactions to help move it forward.
A letter of intent outlines the agreement between two parties. With it, you will be able to get everyone to understand each other before the official transactions begin. That is why it must be well-worded so that everyone can follow it to the letter, especially once they sign it. A letter of intent can play an essential part in making the interactions go as smoothly as possible.