Letter of Intent: a written document stating that a customer agrees in principle to purchase aircraft from a manufacturer at a given price and for a given quantity, sometimes including an approximate delivery schedule. However a deposit has not been paid and the buyer has not fully committed to the purchase as they are still able to walk away from the deal. Thus the manufacturer cannot guarantee the delivery slots until the finer details of the purchase agreement are negotiated and agreed upon. Once the purchase agreement is signed and a deposit paid, the LoI is converted to a Firm Order.
Articles in this section
- What are the different types of Accident Losses?
- Fleets Analyzer - Maintenance Service Type Definitions
- What do Not Fitted, Unknown, and empty signify in the Seats and Internals data?
- How are Commercial Sector 'airliner' Market Groupings determined in Fleets Analyzer
- How is Operating Lease data researched
- What is the definition of Aircraft Hours?
- Type of Lessors
- What is the definition of an accident in Fleets Analyzer?
- Understanding business aviation orders data
- What does a "2500" Delivery Date / Build Year signify?