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Term Sheet

Prepared for:
​[Client.FirstName][Client.LastName]
​[Client.Company]

Created by:
​[Sender.FirstName][Sender.LastName]
[Sender.Company]​

TERM SHEET

Often when parties are negotiating a deal they negotiate the most important details up front, and then pass that information on to the legal department or someone else to create a formal written agreement that includes the negotiated terms and standard contract language. The document listing the most important details is often called a “Term Sheet” and it is signed by all parties and legal obligations are attached to it.

On Date, the undersigned parties agreed to the following terms and conditions

1. Term 1

2. Term 2

3. Term 3

4. Term 4

5. Term 5

6. Term 6

7. Term 7

8. Term 8

9. Term 9

10. Term 10

The terms should include the details of what each party is going to do, such as paying money by a certain date, delivering something, signing documents, etc. This should not be legalese, just common sense language sufficient that each party knows what to expect from each other. This must include any contentious points or deal-breaking terms for either side.

11. The terms set forth above will be incorporated into a formal written agreement within Timeframe for formal agreement.

Timing can be very important to agreements, so make sure that both sides have an agreement on how long completion of the process will take.

12. Other details

This could include who is going to draft the agreement, or any other procedural details on the steps to convert this from a term sheet to a final executed agreement.

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Term Sheet Template

Used 5,036 times

AI BadgeAI assistant included

Use this sample term sheet template to negotiate the important terms of your deal. Then know exactly which parts your potential partner is considering!

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FAQ

  • A term sheet is a document that lays the groundwork before a contract is executed, and has all the important details that are to be written in the agreement. A term sheet is usually created by professionals or an in-house legal team or an external legal counsel.

  • A term sheet essentially includes all the terms that are to be included in the contract. It usually has a written notice that these terms will be written into the contract. Other details included in the contract are the names of the parties and signatures of both parties.

  • A term sheet begins with names of both parties. In the main body of the term sheet, all the terms of the contract are listed. A note which states that these terms will be reflected in the contract is also listed. The term sheet ends with name and signatures of both parties, and the effective date of signing.

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