A LOI (Letter of Intent) is not a contract. Letters of intent serve to notify the seller that the buyer wishes to enter into negotiations to purchase sugar. They do not contractually oblige either the buyer or the seller to go through with the trade.
Letters of intent should be regarded only as an opening point. Issuing an LOI does not make the buyer culpable for anything written in it. Until a contract is agreed upon and signed, both parties are free to back out of negotiations at any time, and buyers cannot be held liable for statements made in the LOI.
Banking information is not sent with a LOI. Banking information needs to be provided so that the seller can conduct a soft probe on the buyer’s accounts, but this is not necessary at the LOI stage.
Speaking of proof of funds, it is not a legal requirement that a buyer provide proof of funds before entering into a contractual agreement with a seller. Most sellers will prefer this, and many will insist upon it, but it is not an absolute legal .
"a courtesy of BSL "
About the Company
- Ricardo Brandao
- Curitiba, Parana, Brazil
- BSL - Best Shipping Logistic. Established in 2009, a brand new company lead by a 18 years experienced professional in shipping industry and freight forwarding services at southern Brazilian ports: Santos, Paranagua, Sao Francisco do Sul and Itajai. One stop shopping: __________________ - seafreight quotation for Fcl, Lcl and Break Bulk. - Customs Clearance. - Warehousing. - Door Delivery. - Multimodal transportation. - Accreditation of Nvocc b/l. Our goal is to provide logistic for excellence ensuring cost effective and hassle free trade enviroment.
