Buyer's Letter of Intent
The Buyer's Letter of Intent is a sample letter from a buyer to create an agreement to buy commodities.
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The letter spells out broad terms, sets a commodity price, identifies the country of origin of the commodity, the packaging, the quantities, the target price, the destination port, and payment terms. The LOI also puts together a broad procedure for the purchase process - the buyers submits a LOI, the seller issues FCO, the buyer signs and returns the FCO, the seller issues a contract, the contracts are signed and exchanged, the buyer's bank opens a letter of credit, and shipment of the commodity commences. The specific commodity that is a subject of this letter is not specified, but could be precious metals, gold and silver, natural gas, industrial metals, oil, vegetable oils such as soybean oil, and a wide range of other products.
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