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HOW IT WORKS
How it works
Reviewed by Rocket Lawyer On Call Attorney Mark Heftler, Esq.
You're about to make an offer on interests or assets of a company. You may want to use a Term Sheet to establish that both parties, yourself and the seller, agree on the general terms of the deal before starting due diligence. Consider this your mini-proposal before investing more time & money in making your final decision. As the seller of interests or assets, a Term Sheet can also be useful to begin a negotiation.
A Term Sheet spells out the terms. Pretty simple, right? You can include pretty much anything you'd like in this proposal. Just keep in mind that it's a nonbinding agreement that establishes a level of trust that if things look right in the diligence phase, you are intending to proceed with the purchase. A general idea of how the transaction will play out might be included. A Term Sheet can open the door for negotiation and - hopefully - an investment or purchase.
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