Hi,
I signed a LoI with a franchiser couple of years back where we planned to start a franchise in the city, but due to a lack of a good property we didn't go forward with it, while giving the LoI the manager from the company asked for a token amount of 1 Lac over call, over mail he just asked LoI to be signed and gave the company's bank A/C , we mentioned that we have signed and deposited 1 Lac as token amount. Please note there was no mention of this amount even in the LoI itself. Now when we don't have a plan to move forward they are saying that LoI is non refundable but this was not mentioned to me anywhere, neither on call or on mail or the document itself.
