Definitive Agreement

Term Main definition
Definitive Agreement

The final and legally binding and enforceable signed written agreement. The term sheet or letter of intent would contain most of the principal terms of the contemplated transaction, but the term sheet or letter of intent would be non-binding.  The parties contemplate that they will negotiate the terms of a definitive agreement before the parties enter into the transaction.  Although binding, the definitive agreement conditions the parties' respective obligations to consummate the transaction on the satisfaction or waiver of certain specified conditions.