LOI / Work Order definition
LOI / Work Order means the official intimation from the Owner notifying the successful Bidder that its Bid / proposal has been accepted.
Examples of LOI / Work Order in a sentence
The contractor shall deposit 10% of the contract value as Performance Security within 2 weeks from the date of issue of LOI / Work Order.
In case of any difference or dispute of whatsoever nature including towards payments arising between parties under the LOI / Work Order/ Subcontract / Subcontract Agreement the following procedure of, firstly dispute resolution through amicable settlement secondly followed by arbitration shall be mandatorily complied with by the parties.
Successful tender/s will be required, before undertaking the contract, to execute the Agreement, within 15 days of the date of issue of the LOI/work-order and should physically place the TT at the location within 30 days from the issue of LOI / Work Order.