How Do You Spell AGREEMENT IN PRINCIPLE?

1. Agreement in Principle

   Agreement in principle refers to a provisional understanding or consensus reached by parties involved in a negotiation or decision-making process. It represents a preliminary agreement or arrangement, outlining the broad terms and principles that will guide the final agreement. While not legally binding, an agreement in principle serves as the foundation upon which the final and more detailed contract or agreement can be constructed.

   An agreement in principle typically expresses the fundamental terms and conditions that have been mutually agreed upon by the parties involved. This includes essential aspects, such as the objectives, main obligations, and core provisions that will be part of the final agreement. It sets out the framework within which the final agreement will be negotiated and gives an indication of the potential outcome.

   Although not legally enforceable, an agreement in principle holds significant importance as it demonstrates a commitment from all parties to work together towards a common understanding or goal. It allows for flexibility during the negotiation process, enabling parties to refine and adapt terms, eventually leading to a final and binding agreement. However, if either party withdraws from the principles agreed upon, it may result in the termination of negotiations or potential legal repercussions.

   Overall, an agreement in principle is a preliminary step in the negotiation process, serving as a guiding framework for subsequent discussions, and indicating the intentions and commitments of the parties involved.

Idioms with the word AGREEMENT IN PRINCIPLE