Agreement in principle

In law, term used in a negotiation From Wikipedia, the free encyclopedia

In law, an agreement in principle is a stepping stone to a contract. Such agreements with regard to the principle are usually considered fair and equitable. Even if not all details are known, an agreement in principle may, for example, outline a schedule of royalties.[1]

In real property transactions, a binder is a document that sets the sales price for the property.

References

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