LoA: Letter of Agreement
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A: Unless it is otherwise stated, the agreement comes into effect when both parties sign.
A: You should write your letter when both parties have mapped out the arrangements of a project, perhaps when the Statement of Work is drafted. The Letter of Agreement is a formal acknowledgement that both parties’ consent to the deal/project.
A: A Letter of Agreement is a legally binding document exactly like a contract. LoAs tend to be shorter, with less provisions and clauses.
With less detail than a huge 50+ page contract, parties could be more exposed to risk when using a Letter of Agreement. They are best suited for business deals with less value (£25,000 or less).
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