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Heads of Agreement

The following provides a definition and meaning for the term Heads of Agreement:

Definition - the strict definition

A preliminary agreement between two parties covering the outline terms under which a Contract of Sale is developed.

Meaning - how it relates to pharmacy sales

The main purpose of the Heads of Agreement is to identify and highlight the requirements of both the seller and the purchaser of the business. There are a number of advantages of using the Heads of Agreement including that both parties are fully informed of what they are subject to, and to reduce or abolish any misunderstandings from either party.

It is used to ensure commitment to the sale and define the settlement process while allowing time to enter into a formal Contract of Sale.

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