Guidance Notes on Heads of Terms, Memoranda of Understanding, Letters of Intent and Term Sheets
“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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