Letter of Understanding (LoU) - Internal
This Letter of Understanding (“LoU”) is a unilateral statement by one party that implies that certain steps have been agreed between the parties.
If several parties (more than two) are involved in the delivery of the project, or if it is considered necessary that all parties express their intention to move forward with the project and enter into binding agreements (by signature), the template for the Letter of Intent (“LoI”) should be applied.
Please note that the LoU does not include provisions on exclusivity and term/termination as the LoU is unilateral and generally meant to be used in the very initial phase of the project.
Download “Letter of Understanding (LoU) - Internal” LoU-Internal-1.docx