Heads of Agreement

Heads of agreement & MOU are pre-contract documents used prior to entering into a more ‘formal’ contract

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Heads of Agreement  & MOU

Heads of agreement & MOU are pre-contract documents used prior to entering into a more ‘formal’ contract. Non-disclosure agreements are also used as pre-contractual documents and are covered in a separate collection dealing with confidentiality (see Confidentiality Agreements).

‘Heads of agreement Australia’ (HOA) and ‘memorandum of understanding’ (MOU) are terms used interchangeably to cover any agreement that is entered into prior to entering into a contract. This may be desirable where the parties are in the early stages of negotiation and wish to confirm the basic points of their agreement.  HOA’s and MOU’s are most commonly used in the following circumstances:

  1. Commercial Leasing
  2. Sale of business
  3. Joint ventures
  4. Sale of shares
  5. Distribution Agreements / supply agreements / manufacturing agreements

The Heads of Agreement, although not a fully fledged contract, can still contain binding commitments.

Heads of Agreement Australia

General

A Heads of Agreement precedent for general use. Includes provisions relating to:

  • Subject to contract
  • Payment of costs
  • Terms to be included in contract
  • Form of contract included as Annexure  A

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Why Use an Heads of Agreement?

An agreement letter the terms of an agreement between two or more parties, so each party knows exactly what they are responsible for.

A Heads of Agreement is to prevent confusion in negotiating a deal.

Agreement letters almost always contain this information:

  • Contact information for both parties
  • Location/state whose laws apply to the agreement
  • Terms and conditions of the business relationship
  • Terms of payment
  • Start date of the agreement
  • End date of the agreement

What Should Be in A Heads of Agreement

Heads of Agreement Australia

A Business can enter into ‘heads of agreement’, or a ‘memorandum of understanding’ (MOU)  in the event of negotiating a deal.  What you need to know:-

 

  1. Names of both parties included in the agreement.
  2. Details of the type of transaction and its purpose.
  3. Key responsibilities and obligations of each party.
  4. Any payments each party is expected to make.
  5. A timescale by which an agreement is expected to be completed.

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