CobbleStone Software recently published a free guide highlighting letters of intent (LOI) and their importance with regard to contract management.
PRINCETON, NJ (FEBRUARY 21, 2023) - CobbleStone Software – a recognized Leader in contract lifecycle management (CLM) according to the SPARK Matrix™ 2022 report – has released a comprehensive guide detailing the importance of letters of intent and how they help pave the way for business relationships.
Letters of intent are documents that are not legally enforceable like contracts and serve as the setting stone for contract preparation.
The details of a letter of intent vary based on the specifics of the negotiation taking place, however some general tips contained in a letter of intent (covered in the guide) are as follows:
>A professional business letter format should be used.
>A letter of intent should be grammatically perfect.
>The details of a proposed agreement should be outlined.
>The goal for when a potential contract is signed should be included.
Click here to read the rest on the full guide!
CLM software can assist with successfully managing letter of intent drafting and creation. CobbleStone Contract Insight® can assist with the following features:
>Document templates with mergeable fields and clauses to help standardize letters of intent as volume and complexity grow.
>A secure repository of letter of intent documents and metadata fields.
>Proposed key date tracking and alerts.
>Thorough prospective counterparty data fields and tracking.
“We at CobbleStone understand the importance of not only contract lifecycle management - but also the many stages of the formation of a business relationship," says Bradford Jones, Vice President of Sales and Marketing at CobbleStone Software.
“This comprehensive guide serves to inform contracting professionals of how letters of intent can be managed as the pillars for proper contract drafting and execution.”
Contact CobbleStone Software to schedule a free demo.
For more information, email Sales@CobbleStoneSoftware.com or call 866-330-0056.
About CobbleStone Software:
CobbleStone Software is a celebrated leader in contract management software solutions whose flagship CLM software solution – CobbleStone Contract Insight – expedites contract management, vendor management, eProcurement, and eSourcing processes while offering seamless integrations, ease-of-use, and high scalability. CobbleStone's contract lifecycle management solutions provide simplified contract and vendor tracking, highly configurable email alerts, user-friendly calendar notifications, intelligent contract workflow automation, highly robust security options, streamlined authoring of contract templates with dynamic clauses, centralized revenue/cost management, detailed text indexing and searching, future-minded vendor/client ratings, robust document version control, custom contract management reports, speedy IntelliSign® electronic signatures, more intelligent contracts with VISDOM® artificial intelligence and machine learning, and more.
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