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A term sheet is a bullet-point document outlining the material terms and conditions of a potential business agreement, establishing the basis for future negotiations between a seller and buyer. It is usually the first documented evidence of a possible acquisition . [ 1 ]
The concept is similar to a heads of agreement, term sheet or memorandum of understanding. Merger and acquisition agreements, [ 1 ] joint venture agreements, real property lease agreements and several other categories of agreements often make use of a letter of intent.
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement. [ 1 ] A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated.
When I took over Term Sheet at the end of 2021, it was nearly impossible to keep up with all the IPO filings. As I step away, here I am documenting a trail of unicorn companies that have shut down.
Term: A term is similar to a representation, but the truth of the statement is guaranteed by the person who made the statement therefore giving rise to a contractual obligation. For the purposes of Breach of Contract, a term may further be categorized as a condition, warranty or innominate term.
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