Every letter of intent format is different depending on the context and which of those who send them. For companies, a letter of intent format is crucial to convey business interests in detail. Another function is for individual purposes, which accommodates applying for a job or administering in an educational program. LOI allows applicants to show their character through the paper.
Since it’s not a form of legal agreement, this letter does not hold the power to legally bind the parties that are in it. However, the LOI can also be a binding contract between parties if it demands an immediate decision of approval or further action.
Structural Points in The Letter of Intent Format
There is a common letter of intent format which includes several structural points that you need to pay attention to. Whether you’re in a process of writing one or examining one for further procedure, it is best that you keep an eye on these:
Your salutations should be written formally, addressing to whom specifically you’re writing for. If you’re aiming for a job at a library, then write to the head librarian. If it’s a company purchase, then write to the marketing staff. Make sure to also input their name on your letter to be more detailed.
In this section, you need to write about the letter’s identification. Let them know who you are so the further reply to your letter could be easily addressed back to you.
- Relevant skills or opportunities for the benefit
If your LOI is a job request, then it’s best to write what good skills you have that could contribute to further growth of the company that you’re aiming for. In another case, if your LOI is a business agreement, then your letter should include the benefit for the two related parties to convince them of approval.
- Further action
Your LOI should also include a brief follow up in a case of approval of the intended party you’re aiming for. This will provide your LOI with concise planning for the next act of conduct.
An LOI closing should focus on gratitude for consideration. End with a professional closing such as “Best” or “Sincerely.” You can also include a handwritten signature followed by your typed name.
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Sample Letter of Intent Format for College
Types of Letter of Intent
a. To Accept a Scholarship
Oftentimes, an achievable student offered a scholarship from an organization or institution providing it. To accept, students are acquired to write an LOI. The letter should include the student’s name and address as well as the name and address for the organization providing it.
b. Submitting an application
If you plan on submitting an application to attend grad school, you can create an LOI to the school you’re interested in attending. Similar to the other letters, this letter should include your information as the sender and the information of the person from the grad school with whom you’ve been in contact. It may be a requirement to submit an LOI along with your application.
c. Intent for Acquisition (IOA)
A letter of intent format is often confused as Intent of Acquisition (IOA). Essentially, these two letters are the same as it has the same basic components with the name and address of the sender and recipient.
The key to differentiating between IOA and LOI is that IOA might be different in the sense of its confidentiality. IOA would more often be marked as a confidential letter aimed for certain individuals only.
An IOA is commonly a bit longer than LOI when intended to purchase a business. IOA serves more details as It may include the basic terms as well as a non-binding statement of understanding and agreements of the parties regarding the procedures for negotiation and preparation of the definitive agreements.