Brief document outlining the main aspects of the deal, and entering into a period of exclusivity signed by both the vendor and the seller of the business. The document is a moral rather than a legal contract.

an "agreement to agree" and often a number of essential terms have yet to be agreed

A non-binding written summary of the agreement reached by the vendor and buyer. It provides the basis for further discussion and the drawing up of a Sale/Purchase Agreement.

The Heads of Agreement (HOA) outlines the terms and conditions of the offer made to the Licensee applicant. This is a legally binding document and is required to be signed by the Directors of the proposed Licensee.

A non-binding outline of the major features of a partnership agreement. It serves as the framework that will be used by lawyers as they draft the legal agreement defining the partnership, such as the shareholders agreement.

The section of the settlement agreement in which the principal terms of the agreement are set forth.

A non-binding document outlining the main issues relevant to a tentative partnership agreement.