From wikipedia
LOIs resemble written contracts, but are usually not binding on the parties in their entirety. Many LOIs, however, contain provisions that are binding, such as non-disclosure agreements, a covenant to negotiate in good faith, or a "stand-still" or "no-shop" provision promising exclusive rights to negotiate. A LOI may sometimes be interpreted by a court of law as binding the parties to it, if it too-closely resembles a formal contract.
Hope it doesn't all end in tears.
cashed-up partner to grease whl's wheels, page-7
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