When you need things spelled out in black-and-white, this Letter of Understanding Regarding Terms of Proposed Contract is perfect.
Use it directly, word-for-word, or only use it to draw from and add your own personal touch to.
Not having the full understanding of a signed contract can lead to sticky situations.
Those situations can be preventable with a sample letter such as this one.
Disclose the full terms and conditions of a contract before parties sign.
This way, there are no questions, no qualms, just full understanding.
This will confirm that which we discussed during our telephone conversation earlier today.
It is agreed that your firm, [name of firm] , will provide the technical support for the [name of project] while we will provide the technical equipment, to your specifications, and all funds necessary, up to [ceiling amount] to complete the [intent].
If this meets with your understanding of our conversation, please sign a copy of this letter and return it to my office.
Upon our receipt of this verified letter, we will forward same to our attorneys for final contract drafting and revisions.
It was a pleasure speaking with you, and I hope to join you soon for a toast to our mutual success in the [project].