An agreement should contain several key elements detailing the offer on the table, accompanied by a proposed closing date, a list of agreed preconditions and a statement of the main obligations and responsibilities of both parties. Once both parties have reached a broad consensus on a partnership or transaction and signed an agreement document, the next step is to involve lawyers and accountants in order to clear the details. This information may include a number of conditions that must be met before a final agreement is concluded. The next step is the signing of a binding contract, although an agreement can be terminated at any time by both parties with some reservations. .