Definitions for "Heads of Agreement"
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.