Letter of intent is it worth the paper its written on? should a contractor begin work on a LOI alone

we are currently working with the same client on a number of jobs.
we have started the last coupe of jobs under a Letter of intent and the contracts have followed up to 3 months later.
how do we protect ourselves commercially here as a contractor until we finally sign contract?

  1. should we proceed to work under these LOI

  2. What risks are associated to the contractors under LOI

  3. by default until the final contract is signed will the job will the project fall under the ‘Housing Grants , Construction and Regeneration Act’

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