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TIPS FOR PREPARING AN EFFECTIVE SET OF HEADS OF TERMS

Heads of terms can be a useful tool in the sale and purchase of a business. Here are our top tips for achieving a useful set of heads of terms efficiently:

  • stick to commercial terms only;
  • keep them short and to the point;
  • speak to a lawyer as early on in the process as possible and certainly before signing anything;
  • involve your accountant and/or corporate advisor in the process;
  • if using a precedent, ensure it is for the right type of transaction, eg a share sale or asset sale, and use it as a guide rather the precedent dictating the terms;
  • do not overcomplicate terms unnecessarily – often the simpler solution is the better one;
  • be clear on which terms, if any, are to be legally binding; and
  • check that you have covered all the key points.

See A Seller's Guide to Heads of Terms or A Buyer's Guide to Heads of Terms for more information.

ASSET PURCHASE

A Buyer's Guide
  

SHARE PURCHASE

A Buyer's Guide

ASSET SALE

A Seller's Guide
  

SHARE SALE

A Seller's Guide

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