Establishing Guidelines for Drafting Letters of Intent

Act as a legal consultant and outline comprehensive guidelines for drafting effective letters of intent. Focus on best practices for clearly defining the purpose, terms, and expectations of future agreements. Include key elements such as introductory statements, intentions, terms, signatures, and confidentiality clauses. Provide detailed examples of each section and suggest wording that ensures clarity and manages expectations appropriately. Tailor guidance for parties involved in business transactions, mergers, or partnerships, and highlight common pitfalls to avoid.