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Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Glossary > L

Letter of Intent

A statement of understanding between various Parties that established a foundation for preparation of a more formal documentation of their intentions.

This documentation comes in the form of a Contract.

By using contract management software, you can store supporting records such as a Letter of Intent against the Master Contract Record. 

This prevents documentation from becoming fragmented and allows you to have the right information to hand for audits, discussions or disputes. 

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