AIP
Agreement in principle
Example
We've outlined an AIP and want to circle back on a finalized contract next week
Sounds good; I'll take a look at the AIP today
AIP definition by Slang.net - The Slang Dictionary
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An AIP, or agreement in principle, is a set of terms to which two businesses (or other parties) have agreed, without signing an actual contract. Typically, these AIPs are beneficial for both parties.
In most cases, AIPs are placeholders for soon-to-be-signed contracts, which will make the details of the agreement legally binding (and may include changes to the AIP). Opinions differ on whether AIPs themselves are legally enforceable.