Heads of agreement: asset purchases | Practical Law
A heads of agreement (also known as a letter of intent, memorandum of understanding, heads of terms or term sheet) for the purchase of a wholly owned business and its associated assets from a single corporate seller by a single corporate buyer. The provisions of this document are not intended to be legally binding, except for specifically identified provisions relating to exclusivity of negotiations, transaction costs and governing law. This document assumes that the parties have entered into a separate confidentiality agreement.