Heads of terms—commercial contracts
Heads of terms—commercial contracts

The following Commercial guidance note provides comprehensive and up to date legal information covering:

  • Heads of terms—commercial contracts
  • Parties
  • BACKGROUND
  • The ScheduleHeads of terms

DRAFTING FOR BREXIT: For the latest information on the impact of Brexit on the drafting, negotiation and enforceability of this Precedent, see Practice Notes: Brexit—drafting boilerplate clauses and Brexit—drafting commercial clauses.

This Agreement is made on [date]

Parties

  1. 1

    [Insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (Party A); and

  1. 2

    [Insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (Party B),

each of Party A and Party B being a party and together Party A and Party B are the parties.

BACKGROUND

    1. (A)

      Party A carries on the business of [insert description].

    2. (B)

      Party B carries on the business of [insert description].

    3. (C)

      The parties wish to document certain non-legally binding Heads of Terms in connection with the Project, which they intend will form the basis of the Proposed Contract, and certain legally binding terms.

The parties agree:

  1. 1

    Definitions and interpretation

    1. 1.1

      Definitions

    2. In this Agreement:

      [Associated Act

      1. means the supply