Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

LETTER OF AGREEMENT

Goods, services, space, agreed-to prices, terms, and time are all particulars documented in what becomes a binding contract once the associated parties all sign it.

LETTER OF APPLICATION

Specified number of securities requested out of a new issue as an allotment is detailed in this document.

LETTER OF ATTORNMENT

Existing tenants recognize a new property owner as their landlord for the property they are renting through such a document.

LETTER OF AUTHORIZATION

Rank, authority, ability/limit for signing a legally binding contract, actions allowed, spending limit, or delegation rules and limits are all typical items documented in this type of written confirmation.

LETTER OF AWARD

Contract award to the winning bidder is document by the customer, owner or principal. Award amount, award date, contract signing date are additional particulars in this written confirmation. It may also contain

LETTER OF COLLECTION

Past-due customer prodding tool, urging the laggard to make a payment. Typically issued one after another. Tone and language get more direct (testy?) as additional letters go out, unless some money is

LETTER OF CREDIT (L/C)

Buyer’s or importer’s bank, known as the issuing bank makes a written commitment to the seller’s or exporter’s bank, known as the accepting bank, negotiating bank, or paying bank. A written commitment

LETTER OF DELEGATION

A delegatee or delegate executes the delegated task detailed in a written statement of conditions, procedures, and terms.

LETTER OF DEMAND

Outstanding principal balance, accrued interest, interest rebate, and early payment penalties, if any are documented and prepared by a lender for a borrower who is paying off a loan before the completion

LETTER OF GUARANTEE

An importer self-obligates accepting a bill of exchange and, on its presentment at a certain bank, paying the stated amount, as documented in this letter. Securing that bank’s acceptance of an exporter’s

LETTER OF HYPOTHECATION

Enables an accepting bank to sell the shipment if the buyer does not accept or pay the bill of exchange. A bank or lender is authorized to seize and sell the documented

LETTER OF INDEMNITY

A bank or insurance company promises by this written confirmation to act as a 3rd-party on behalf of the first party in a transaction or contract. This 3rd-party covers loss or damage

LETTER OF INSTRUCTION

Not a legal instrument. Information required by an executor to execute a will. Also refer to letter of wishes.

LETTER OF INTEREST (LOI)

1. In Contracting, this is a pre-qualifying of respondents for stated services, based on stated resources and experience. Done before sending out requests for proposals (RFPs). Contractors or vendors provide a written

LETTER OF LENIENCY

Offer by deed change to a debtor close to default. Intent is to allow the debtor time to liquidate assets, or arrange to settle the debts without being declared bankrupt. Some or

LETTER OF MORAL INTENT

Parent company gives written notice to a bank of good-faith intention of financial support for a subsidiary working to borrow money from the bank. Not a binding contract of support for the

LETTER OF REFUSAL

Refuseal to comply with a stated contract requirement is documented in this written confirmation. Clearly states why and must suggest alternatives for resolution. A subcontractor or vendor not willing to disclose proprietary

LETTER OF RENUNCIATION

An allottee-stockholder-shareholder issues this written notification, renouncing or transferring new-issue allotted securities or rights to an issue to other stockholder(s).

LETTER OF SETOFF

A bank obtains borrower’s written consent to seize an account for non-payment of a loan or other obligations. If a bank believes its normal, lawful right to setoff may be challenged, it

LETTER OF TESTAMENTARY

May be written prior to death or issued by the probate court. Grants an estate executor permission to do what is needed to distribute stated assets.

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