Heads of Terms

Heads of Terms definition

/hɛd/ /ɒv,(ə)v/ /təːm/

What does Heads of Terms mean?

Heads of terms are an agreement in principle between two parties, but which are subject to a formal contract. A heads of terms document sets out the key commercial principles which the parties have discussed during their negotiations and which they intend will form the basis of a future, more detailed contract.

Heads of Terms explained

Although not intended to be legally binding themselves, heads of terms can have legal force if not drafted with care. Heads of terms may also be referred to as a memorandum of understanding, heads of agreement, letter of intent or letter of agreement.

Variances

Heads of Agreement
Letter of Agreement
Letter of Intent
Memorandum of Understanding

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