Group: 17. 71 Student: Mirzayeva Muxtasarxon What Is the Statement of Intent?

Legalities

A statement of intent is not legally binding. It is often referred to as a document stating parties are agreeing to agree. This document does not hold up in court and is unenforceable.

A memorandum of transfer is used in many industries as an official document to track the moves of people and things. This memorandum has some required components that every industry shares. However, the document is retooled to fit the company using it.

Components

A memorandum of transfer always has a letterhead of the company initiating the transfer request. The memo also lists the other party involved in the transfer. The rest of the document is filled with descriptions of the items being transferred or information about the person requesting the transfer. For insurance purposes, the item transfer memos also have a space for valuation of the items being transferred.

Uses

Libraries use the memorandum of transfer to send and receive books from their collection via inter-library loan programs. Hospitals use them to log the transfer of patients from one facility to another. Even governments use this memo to transfer documents and materials. The memo creates proof on paper of the transfer and can be useful later if the items are lost or people are injured.

The biggest differences between memorandums of transfer for people and items is the amount of information required on each. Hospitals and universities require pages of information that include the person's medical or academic history. Item memos have descriptions, valuations and very little additional information. The people transfer memos also have lengthy explanations for why the transfer is needed. Transfer patients have more information here than students.

Considerations

Where they are used, the memo of transfer is a required document that must be prepared on a particularly formatted piece of paper. They are often accompanied by other required documents that must be completed prior to the transfer. They include certificates of authentication, customs documentation, transcripts and medical records. Failure to complete the memo in a timely manner could result in a failed transfer.

People use letters of intent and letters of commitment in many different situations to show their level of support for an employer or project. These terms are often used in the context of students signing letters of intent or commitment to play college or professional sports. They are also heard in the context of individuals committing to work for large companies. The two types of letters differ in terms of their levels of commitment, format, purpose and time frame.

Purpose

Letters of intent and letters of commitment are used for two different purposes. Letters of intent are used as negotiating instruments between an individual and another organization. For example, a high school student might be asked to sign a letter of intent to negotiate money and other perks for playing college or professional sports. In contrast, letters of commitment represent the final document between two parties cementing the agreed-upon items for the relationship.

Format

Another difference between letters of intent and letters of commitment is seen in the format of the letters. Letters of intent contain more generalized discussions of terms and conditions, such as confidentiality terms, responsibilities, fees and a period of time in which the individual cannot negotiate with another party. By contrast, letters of commitment contain in great detail the agreed-upon terms and conditions, responsibilities of parties and the laws governing any breach of these conditions. The final letter of commitment also bears the signatures of both parties with the date and possibly a notarized signature.