Supreme Court, in the case of South Eastern Coalfield Ltd. & Ors. versus S. Kumar Associates AKM (JV), clarified that a ‘Letter of Intent (LoI) merely indicates a party’s intention to enter into a contract with the other party in future. Whether a contract has been concluded between the parties through an LoI, can be concluded by determining the terms and conditions of the LoI and the conduct of the parties.