Term Sheets: Five Legal Tricks To Make Them Work For You
One of my first questions when asked to draft the agreement for a client's new business deal is whether a term sheet (also known as a letter of intent or summary of terms) has been prepared. A term sheet is a short and sweet document that sets out the parties' mutual understanding of the main terms they will agree on in a later definitive agreement. The key word is mutual: while you and your counterpart may have agreed a deal over a nice wine dinner, your ...