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Alan Arnott, founder of Doc Ustream and a technology lawyer at Honest Technology Lawyers in Sydney, discusses the elements of a heads of agreement template. This template includes clauses requiring each party to maintain confidentiality of the other's information and provisions stating that the disclosing party retains IP rights in its confidential information. It specifies which parts of the agreement are binding and outlines the timeline for negotiations of a long-form agreement. Additionally, it clarifies whether the parties are negotiating exclusively or not, among other essential provisions.