Heads of Terms
Once the parties that are to be involved in a transaction have agreed on the key aspects of the deal, Heads of Terms are often prepared to record the position and they are often agreed prior to any involvement from a solicitor. These basic principles form the bare bones of the deal, whether it is a Commercial Contract or a Lease, allowing the finer details to be negotiated through the drafting of the documentation.
Generally, Heads of Terms are not legal binding as a whole but they can include binding obligations and can influence the final terms of the Lease significantly so it is important to get advice if you are unsure at the earliest moment to avoid unforeseen legal complications.
If you would like assistance in preparing and negotiating Heads of Terms, please do not hesitate to contact us.