LOI is Letter of Indent.
Many times supplier ask for LOI, when we ask them about the rates of the products.
LOI is the formal way to ask for the price to a supplier. It could be given in your firm letter pad made in Microsoft word with your signature and stamp.
Format for LOI
Letter of Indent
Product: We are looking to buy A4 Size Papers
Grans Square Meter: 70 GSM
Brightness: 100 to 102%
Required Quantity: 1 Container of 20FT
Rims : 8000 Rims
Shipment Terms : CIF
Port of Delivery: Mundra
Acceptable Payment Terms : 100% Irrevocable LC at Sight.