Categories: Product Development
A Term Sheet is a non-binding agreement setting forth the basic terms and conditions under which an investment will be made. A term sheet serves as a template to develop more detailed legal documents. Once the parties involved reach an agreement on the details laid out in the term sheet, a binding agreement or contract that conforms to the term sheet details is then drawn up. (Source: InvestOpedia)
Definition of "Term Sheet" by Chat GPT: A term sheet is a non-binding document outlining the basic terms and conditions of a business agreement or transaction. It typically includes key information such as the purchase price, payment terms, key dates, and other important details. Term sheets are often used in negotiations before a formal contract is drafted and signed.
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