If this is similar to your situation, partners can in the meantime initiate a “short form agreement.” If it is not known whether the parties intended to treat the succinct agreement as legally binding, but if the terms of the agreement are sufficiently clear and the agreement is supported either by a consideration or in the form of an act, the parties intend to enter into a legally binding contract. What many people do not know is that two parties can have a binding agreement written in easy-to-understand language. For an abbreviated contract to be concluded, it does not have to be written in Latin. You shouldn`t have to go to college for X years to get the scale of the project on paper. If the parties do not provide for a short-form agreement to be legally binding, the agreement should contain an explicit statement on the matter. However, the parties must be aware that where a summary agreement is not legally binding, one party cannot appeal if the other party violates the agreement or fails to fulfill it. The parties must also be aware that even if an abbreviated agreement contains an explicit statement that the agreement is not legally binding, a court may take into account the conduct of one party (and the other party`s appeal to that conduct) in determining the intent of the parties, particularly in the absence of a properly formulated disclaimer. Contracting parties will often include, in a summary agreement, a commitment to negotiate in good faith the terms that have not been agreed but are important to the transaction. The parties must be aware that this obligation cannot be considered by a court to be legally binding. Make sure they include a language that indicates that this script contract is only a short form agreement and that a long form agreement will be concluded at a later date. First, it is necessary to check whether the benefits of negotiating a short-form agreement outweigh the benefits of moving directly to the full form agreement. Where an abbreviated form agreement is to be used, the parties should consider how the design and negotiation process is managed, so that it does not result in unnecessary delays or costs for the overall transaction and/or creates unnecessary tension between the parties.