We can negotiate and draft heads of terms agreements regarding any kind of commercial contract or business transaction. Our commercial property team has extensive experience of drafting and reviewing heads of terms, letters of intent and memorandum of understanding. This is to stop either party from feeling pressured into going ahead with a transaction for fear that the other party is negotiating with someone else regarding the transaction. In addition to these benefits, these agreements may contain ‘lock out’ clauses which can be legally binding. These lock out clauses stop the parties concerned from negotiating with any other party or person for a fixed amount of time. It is far better to do this at the outset, rather than during the course of a transaction when fees and expenditure may have been incurred. These issues can then be resolved at an early stage. In addition, heads of terms can also highlight any major issues or irreconcilable differences/misunderstandings between the parties. Any unusual provisions which are key to whether a party would proceed with the transaction or not.Any protection for the parties in the event of a failed transaction.The fundamental purpose of the contract.Heads of terms will usually cover these basic features and major points: Succession & estate planning for business owners.
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