Agreement in principle
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
- ^ Schatzki, Michael. "Agreement in Principle". Negotiation Dynamics. Archived from the original on 2012-05-04. Retrieved 2012-03-13.
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