TERM SHEET
In business, before the parties enter into a final agreement will make an interim draft of the terms and conditions that act as a base for their working conditions. This document that is a template for the final agreement is known as term sheet and it is mostly considered non-binding on the parties.
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WHY CHOOSE Panomics Legal Mentors?
This organization comprises of expert legal professionals, who use their expertise will draft this sheet that shall cover all the legal requirements and needs of the parties. The experience and the knowledge that our professionals hold can help you in including clauses in your term sheet that shall allow smooth functioning of your business for the interim period till the final contract is made.
ADVANTAGES OF TERM SHEET
- IMPROVES CLARITY: The sheet involves a description of the nature of work to be done by the parties until the final contract is made.
- FASTER PROCESSING: The term sheet lays down a plan which will be a base for the drafting of an agreement and it therefore saves time.
- COVERS MAJOR DETAILS: The term sheet covers the major details required for the running of the business until a contract is formed.
Click here to know more about the “Founders Agreement”.
CONTENTS
A term sheet may include following clauses as per the parties requirements:-
- Name and details of parties.
- Investment made.
- Valuation.
- Company structure prior to final agreement or investment.
- Investment structure.
- Obligations of parties.
- Payment terms.
- Sharing of expenses.
- The validity of the term sheet.
- Confidentiality.
- Law applicable.
- Signature.