A letter of intent (LOI) is sometimes also known as a term sheet or a memorandum of understanding. It generally gives a summary of the key terms of the sale transaction and is almost always non-binding except for confidentiality and an exclusivity period. A letter of intent, essentially allows for the major elements of the transaction to be documented. Do not take the Letter of Intent process lightly; how you negotiate the letter of intent will pretty much set the pace of how the sale transaction goes. In this podcast Gower Idrees, CEO of RareBrain, offers insights into letter of intents in a business sale.