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Heads of Agreement
A “heads of” agreement is a non-binding document that outlines the basic terms of a tentative partnership agreement or transaction. Also known as a “heads of terms,” or “letter of intent”, a heads of agreement marks the first step on the path to a full legally binding agreement or contract and a guideline for the roles and responsibilities of the parties involved in a potential partnership before any binding documents are drawn up. Such a document is commonly used in commercial transactions, such as the purchase of a business.
A General Heads of Agreement. Heads of agreement & MOU are pre-contract documents used prior to entering into a more ‘formal’ contract.