Heads of Terms, Contract Formation and Exclusivity

Contracts form the foundation of virtually all commercial transactions and play a fundamentally important role in business. It is therefore important to ensure that all terms of binding contracts are carefully negotiated, drafted and signed. A tool to help achieve that aim is a pre-contract, non-binding “Heads of Terms” document, created as a pre-cursor to a definitive detailed binding contract. Such pre-contract documents are often employed in commercial life wherever there is discussion of terms of an important proposed contract.

Such Heads of Terms documents are also commonly known as “Memoranda of Understanding (MOUs)” or “Letters of Intent (LOIs)” or “Term Sheets”. The benefits of using such pre-contract documents are explained in the Guidance Notes: Heads of Terms, Memoranda of Understanding, Letters of Intent and Term Sheets which can be found in this subfolder, and you are strongly recommended to read it before using any of the templates in this subfolder.

This subfolder contains a range of guidance and pre-contract documents designed to deal with the initial discussion of a proposed arrangement and then the negotiation, recording and signing of a definitive detailed commercial contract.

Pre-contract documents can, where appropriate, include exclusivity / lockout clauses prohibiting the parties from dealing with a third party during the period when they are negotiating a deal with each other. This subfolder therefore also includes a number of exclusivity / lockout templates.

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All Commercial Agreements