OUTLINE AGREEMENT Meaning and
Definition
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An outline agreement is a term commonly used in the business context to define a preliminary or initial agreement between two parties, usually in written form. It serves as a starting point for negotiations and lays the foundations for a more formal and detailed contract to be crafted later on.
This agreement is generally used in situations where the parties involved are still in the early stages of discussions or where the exact terms and conditions cannot be determined immediately. It helps in setting out the broad parameters of the deal, detailing the key objectives, and outlining the main terms that will be included in the final agreement.
Typically, an outline agreement includes information such as the identities of the parties involved, the nature of the proposed transaction, the expected timeline, and any major obligations or responsibilities of each party. It may also cover key commercial terms, such as pricing, payment terms, delivery schedules, and any other critical aspects that need to be agreed upon.
While an outline agreement is binding to some extent, it is generally understood that the final contract will supersede it. It provides a framework to guide the negotiation process, ensuring that both parties have a common understanding of the basic terms and conditions before investing significant time and effort into formalizing a detailed agreement.
Common Misspellings for OUTLINE AGREEMENT
- iutline agreement
- kutline agreement
- lutline agreement
- putline agreement
- 0utline agreement
- 9utline agreement
- oytline agreement
- ohtline agreement
- ojtline agreement
- oitline agreement
- o8tline agreement
- o7tline agreement
- ourline agreement
- oufline agreement
- ougline agreement
- ouyline agreement
- ou6line agreement
- ou5line agreement
- outkine agreement
- outpine agreement
Etymology of OUTLINE AGREEMENT
The word "outline agreement" does not have a distinct etymology itself, as it is a combination of two separate words, "outline" and "agreement".
"Outline" originated from the Middle English word "outlīnen", which means to "draw the outline of" or "trace the contours of". It comes from the Old French word "oultre" meaning "beyond" and the Latin word "līnea" meaning "line". The term has been in use since the 1660s.
"Agreement" comes from the Old French word "agrement" and the Late Latin word "agreementum". It includes the root word "agreer", meaning "to receive with favor" or "consent to". The word has been in use since the 14th century.
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