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.
Already a Practical Law customer? Sign in
Get access to this document with Practical Law
Why Practical Law?
Gain a built-in attorney network
Practical Law’s resources are written and maintained by over 650 dedicated, full-time attorney-editors globally. They’re highly qualified, having practiced at the world’s leading law firms, corporate law departments, and government agencies, so they understand the challenges you face. They dedicate themselves to creating resources to help you navigate the new legal realities, legislative changes, and practice areas impacting your clients or organisation.
See how to leverage the expertise of Practical Law’s attorney-editors to help you practice more efficiently.
Learn more about Practical Law
Expert guidance
650+ full-time, experienced attorney-editors keep you up to date globally
Total resources
118,000+ total resources across 17 practice areas ensure comprehensive coverage
Timely updates
150,000+ hours spent in 2025 maintaining and updating resources