I am studying for a MSc in Construction Project Management from Loughborough University and would like some opinions on the use of LOIs in the construction industry. There seems to be a paucity of guidance for practitioners (I am Building Surveyor looking to enhance skills and qualifications) in the formulation and administration of them. Most professional guidance notes (very little in the RICS Contract Admin or PM BOK) direct the practitioner to a legal adviser. Is this right when PMs, QSs and BSs are tasked with administering contracts of significant complexity? i.e. do we not have th requisite skills to compile a robust letter of intent?
Any discussion would be most welcome.