When formalising a commercial agreement between two or more companies, it is often important to create a preliminary document setting out what has been agreed, hopefully to minimise disputes and create a common understanding. This document is referred to as a Heads of Agreement or Memorandum of Understanding.
In some cases a Heads of Agreement may be legally binding while others are not. It is advisable to set out clearly in the Heads of Agreement whether it is or is not intended to be legally binding.
Matthews Folbigg Lawyers in Parramatta can provide commercial law advice or assistance in drafting a Heads of Agreement or formal contracts.
Phillip Brophy – email@example.com or 9635 7966