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Definitions from the Web

Heads of Agreement

Definition: Heads of Agreement is a non-binding document outlining the main terms and conditions of a potential agreement or contract between two or more parties.

Senses:

1. A preliminary document that indicates the intention to negotiate and form a formal agreement.

Usage:

• Legal: The parties involved signed the heads of agreement as a first step towards finalizing the sale of the property.
• Business: The heads of agreement provided a basic framework for future negotiations between the two companies.

Example Sentences:

1. They reached a heads of agreement, setting out the key terms for their joint venture.
2. Before crafting the final contract, they decided to draft a heads of agreement to ensure they were aligned on the main points.
3. The heads of agreement stated that either party could withdraw from the negotiations at any time without any legal consequences.

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