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Provision-Preliminary Agreement
PROVISION-PRELIMINARY AGREEMENT INTENTION FOR OPEN TERMS
The parties have not yet reached agreement on the following terms of the proposed transaction:
[list open terms].
Unless the parties actually agree on these terms in writing, the parties do not intend to be bound and there shall be no contract binding them to perform the proposed transactions. Although the parties intend to negotiate in good faith to reach actual agreement on the terms specified above, they expressly agree that neither party can be held liable for an alleged breach of an obligation to negotiate in good faith. The parties further agree that neither party can be held liable for expenses incurred or opportunities foregone by the other in reliance on this [specify type of instrument, such as: letter of intent].
This is a UCC-buying and selling form.
It is intended to be an addendum to other forms.