A Letter of Intent (LOI) is a document that outlines the preliminary understanding between two or more parties before a formal agreement is finalized. It typically includes the main terms and conditions that the parties agree upon, serving as a roadmap for future negotiations. LOIs are commonly used in various fields, including business transactions, real estate deals, and academic admissions. While a Letter of Intent is not legally binding, it demonstrates the intent of the parties to move forward with a specific agreement. It can help clarify expectations and reduce misunderstandings, making it an important step in the negotiation process for entities like companies, universities, or individuals.