Memorandum of understanding
A memorandum of understanding (also known as heads of terms, heads of agreement, a letter of intent or term sheet) for use in a UK joint venture. This document envisages the joint venture to be either a two party 50:50 joint venture where both parties contribute existing businesses to a newly formed joint venture company, or a two party joint venture where one party holds the majority of the shares in the joint venture company and contributes an existing business to the newly formed company, and the other party (the minority shareholder) grants a licence of intellectual property rights, and provides related technical support, to the joint venture company.
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