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Preliminary agreements
Practical Law UK Glossary 7-107-7033 (Approx. 3 pages)
Glossary
Preliminary agreements.
A generic description for a number of documents that are signed in the early stages of a potential acquisition, usually before detailed due diligence and drafting starts.
Preliminary agreements include the following:
- Heads of terms (also called letters of intent, memoranda of understanding, term sheets or protocols).
- Exclusivity agreements (also called lock-out agreements).
- Break fees (also called inducement fees or failure costs agreements).