Pbojanac
Heads of Agreements are not binding contracts, although you would usually require each party to negotiate in good faith to reach a final binding contract. The Heads would however detail all the major comemrcial terms of the expected agreement- and although there would be some time required to get to a final binding contract I would think this would not take long at all and just represnet drafting issues more than substantive commercial impasses. I cant imagine an international major's Board considering a deal without having the commercial terms fleshed out and its why im expecting an announcment soon...
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heads of agreement, page-2
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