Read the Term Sheet to make sure it meets your needs and that everyone involved agrees with the document. Remember that if you have any questions you can easily Ask a lawyer.
Term sheet checklist
Make it Legal™ Checklist
Here are a few important steps to take to finish your document
The Term Sheet must be signed in a special way:
Print a copy of the Term Sheet for each party to the agreement. You cannot sign online.
The founders of the company being invested in (ie the investee company) should sign the Term Sheet, together with the lead investor and any additional investors.
If the lead investor is being afforded management rights, print out the management rights letter at the end of the Term Sheet and have the lead investor and the founders sign it. You cannot sign the management rights letter online.
The date of execution of the Term Sheet is the date on which the parties signed. If they signed on different days, then it is the day when the last person signed.
Each party should keep their own signed original of the Term Sheet, as well as a copy for their records.
A copy of your Term Sheet will also be stored automatically in your Rocket Lawyer account ‘Dashboard’.