Generally the heads of terms will be non-binding with a few sections intended to be binding (confidentiality for e.g.) However, just because a document is not legally binding doesn’t mean that you should not ensure it is carefully drafted and thought out. A less well thought out heads of terms can be difficult to move from as the parties usually feel a moral (if not legal) commitment to observe the key terms agreed. Later on when the parties are drafting the main contract, negotiations can turn difficult as there may be feeling from one party that the other party is reneging on earlier commitments. Don’t enter into informal agreements or heads of terms lightly without getting all the information that you will need to ensure that you can proceed with confidence on your promises.
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Selling your business is one of the biggest decisions a business person can make. Handing over “your baby” is always going to involve mixed emotions and a lot of considerations – not least the kind of buyer you want to take over the business. An option we have seen some clients explore is selling to a private equity investor as opposed to a more “traditional” sale.
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In an era where technology is reshaping industries, businesses are finding themselves at the crossroads of innovation and responsibility. As a forward-thinking law firm, we understand the transformative power of Generative Artificial Intelligence (A.I.) and how this can be integrated into a business and its current practices. We are also aware of the potential grey areas and pitfalls working with A.I. may have, and why it there may be a critical need for businesses to implement comprehensive A.I. policies.
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Business owners and employees alike should be prepared for what to expect when expecting in the workplace as redundancy and maternity laws are changing.
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