“It’s just an LOI. It’s not binding.” Usually. But not entirely. A letter of intent, or LOI, is commonly used when parties are considering the purchase or sale of a business. It puts the basic terms of the proposed deal on paper before the parties invest significant time and money in due diligence and definitive agreements. Most LOIs expressly provide that the principal deal terms are nonbinding. In other words, signing the LOI generally does not mean you are required to comp
