When doctors or health care entities are in the preliminary stages of negotiations relative to a business transaction, they are sometimes asked to execute a letter of intent (LOI). An LOI is typically an interim step that comes after mutual interests are established, but before “formal documents” are extended. An LOI generally sets forth material terms. It sometimes sets forth a promise to bargain in good faith based on the principles and terms outlined in the letter itself.
Some of the practical functions of an LOI include:
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