A statement of intent, also called a letter of intent or a memo of agreement, is a formal letter used to express an intention by the writer of the letter.
This letter is used for making sure all parties in a circumstance completely understand the terms of a proposed agreement. It is a document stating a person’s intentions in a matter.
A statement of intent is used for various reasons. Business people use them for proposals and college applicants use them for acceptance into a college. Job seekers may also use a letter of intent, although it is commonly called a cover letter; which is part of a person’s resume.
Included in a statement of intent is the person’s name receiving the letter, the person’s name writing the letter, and the agreement the letter is written for. It also includes and terms and conditions that may be applicable.
A statement of intent is not legally binding. It is often referred to as a document stating parties are agreeing to agree. This document does not hold up in court and is unenforceable.