Letters of Intent are a common feature in the construction and engineering industry such that it is a useful tool for both parties while negotiating a formal contract or agreement, allows one party to begin work on the basis of a
Letter of Intent before the formal contract or agreement is concluded. In circumstances where Letters of Intent are utilised, time constraints often do not permit all the terms of the contract, design and costing to be finalised and concluded so that a formal contract exists between both parties before one party carry out work under the formal contract.
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