ClosetInvestor: Speaking as an attorney who has d
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Posted On: 09/12/2019 9:28:28 AM
Re: ClosetInvestor #7872
ClosetInvestor: Speaking as an attorney who has drawn up such agreements, the other answers you got from others on the board were not quite right. An non-binding agreement becomes binding when the terms agreed upon in the non-binding agreement that would make it binding are met.
For example, this non-binding agreement most likely lays out all of the material terms of the agreement between CYDY and the other company (or it could even be a full long term agreement), but has what are called Conditions Precedent that must be met before those terms become binding. Perhaps the conditions include the BLA being filed, or accepted, or certain numbers being met in certain trials. Once those conditions are met, the terms become binding.
For example, this non-binding agreement most likely lays out all of the material terms of the agreement between CYDY and the other company (or it could even be a full long term agreement), but has what are called Conditions Precedent that must be met before those terms become binding. Perhaps the conditions include the BLA being filed, or accepted, or certain numbers being met in certain trials. Once those conditions are met, the terms become binding.
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