Term sheet is written document signed between the Parties which sets out the high level, key terms or important terms and conditions of the prospective deal. It summarizes the main points of the agreed terms. Terms of a commercial transaction agreed in principle between parties are reflected in Term sheet. Term Sheet is called by different names like letters of intent, memoranda of understanding, heads of terms, letters of potential interest, protocols and so on. Whatever the name may be but serves same purpose. Purposes of Term Sheet: Recording of key terms in written forum prior finalizing the detailed contractual terms between Continue Reading
