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Back to Forms for 'Uniform Commercial Code (UCC)'.


PROVISION-PRELIMINARY AGREEMENT

PROVISION-PRELIMINARY AGREEMENT

INTENTION FOR OPEN TERMS

 

 

The parties have not yet reached agreement on the following terms of the proposed transaction: _______________________________________________________

_____________________________________________________ (list open terms). Unless the parties actually agree on these terms in writing, the parties do not intend to be bound, and there shall be no contract binding them to perform the proposed transactions. Although the parties intend to negotiate in good faith to reach actual agreement on the terms specified above, they expressly agree that neither party can be held liable for an alleged breach of an obligation to negotiate in good faith. The parties further agree that neither party can be held liable for expenses incurred or opportunities foregone by the other in reliance on this ___________________________________ (specify type of instrument, such as: letter of intent).

 

 

This is a UCC-buying and selling provision.  It is designed to supplement UCC buying   and selling forms found in this category.

 

 



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