Posts tagged letter of intent
Is Your Letter of Intent Permanent and Binding?

Violins are made from about 70 different pieces of woods, most of which are carefully carved and glued together. Despite the availability of synthetic glues, it is not used on the finer instruments. Fine instruments are glued together with water soluble glue made from animal skin and tendon. Although “hide glue,” as it is known, is strong and serves the purpose of holding the violin together, it is not supposed to be permanent. Letters of intent and term sheets are like hide glue. They are meant to provide a strong framework for a transaction and to serve as an aid in negotiating a final contract. However, they are not intended to be permanent and binding.

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