“Heads of Terms” documents are also commonly known as “Memoranda of Understanding (MOUs)” or “Letters of Intent (LOIs)” or “Term Sheets”.
They can serve as a very useful tool to help achieve the aim of identifying, describing and agreeing on a non-legally binding basis, the terms to be further negotiated and then recorded in a definitive binding contract.
These Guidance Notes on Heads of Terms, Memoranda of Understanding, Letters of Intent, and Term Sheets explain the benefits of using such pre-contract documents.
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