Letter of Understanding Regarding Terms of Proposed Contract
This will confirm that which we discussed during our telephone conversation earlier today.
It is agreed that your firm, [name of firm], will provide [description] for the [name of project], while we will provide [describe], to your specifications, and all funds necessary, up to [ceiling amount] to complete the [intent].
If this meets with your understanding of our conversation, please sign a copy of this letter and return it to my office. Upon our receipt of this verified letter, we will forward the letter to our attorneys for final contract drafting and revisions.
It was a pleasure speaking with you, and I hope to join you soon for a toast to our mutual success in the [project].