Free Heads of Agreement Template for Microsoft Word

THIS HEADS OF AGREEMENT (the “Document”) made as of [Insert date] (the “Execution Date”),

BETWEEN:

[Insert name] of [Insert address]

And

[Insert name] of [Insert address]
(the “Party”)

BACKGROUND:

A. ___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________

This Document will establish the basic terms to be used in a future agreement between the Parties. The terms contained in this Document are not comprehensive and it is expected that additional terms may be added, and existing terms may be changed or deleted. The basic terms are as follows:

Non-Binding

1. This Document does not create a binding agreement between the Party and will not be enforceable. Only the future agreement, duly executed by the Party, will be enforceable. The terms and conditions of any future agreement will supersede any terms and conditions contained in this Document. The Party are not prevented from entering into negotiations with other third parties with regard to the subject matter of this Document.

Transaction Description

2. The subject of this transaction is described as follows:

___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________

Closing Date

3. The transaction will be completed on or about the 11th day of June, 2020 (the “Closing Date”). All obligations as indicated in any future agreement will be completed and met by the Closing Date.

Representations

4. The merging Party represents and warrants that their respective assets, real property or personal property, which constitutes any or all of this proposed transaction, are free and clear of any liens, charges, encumbrances or rights of others. If the representations of one or more of the Parties are untrue upon the Closing Date, then any remaining Parties may terminate any future agreement without penalty and any deposits must be refunded.

This Document accurately reflects the understanding between the Party, signed on [Insert Date]

___________________________

___________________________

(Party)