This is a list of some points that should be considered for inclusion in a term sheet or letter of intent. It includes general drafting considerations, structure of the transaction, due diligence provisions, confidentiality, and other areas.
Delaware Term Sheets and Letters of Intent
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US-TC0406
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FAQ
Letters of intent and term sheets are very similar. Both documents outline an agreement that two or more parties expect to make. A letter of intent, as the name implies, is written in the form of a letter whereas a term sheet is more often a list of the important parts of the anticipated contract or agreement.
Similar Documents to Term Sheets The main difference between an LOI and a term sheet is stylistic; the former is written as a formal letter while the latter is composed of bullet points outlining the terms.
Similar Documents to Term Sheets The main difference between an LOI and a term sheet is stylistic; the former is written as a formal letter while the latter is composed of bullet points outlining the terms.
In Delaware, for instance, a signed term sheet may be considered a preliminary agreement, that while not binding in regard to consummating the proposed transaction, still requires the parties to negotiate in good faith toward that goal. And the Delaware Supreme Court does not take a breach of good faith lightly.
The definitive agreement can be governed by Delaware, but the LOI should not be, given the holding in Siga Technologies. Expressly state that the LOI is non-binding (except for confidentiality or exclusivity), disclaim any to be bound by any particular term or to be required to reach any agreement.
A term sheet is a document that outlines the key terms of an agreement. It's like an agreement but not legally binding. But that does not mean that there is no legal aspect associated with term sheets. There are many common misconceptions about the meaning of a term sheet, and how they work.
Also known as a letter of intent or memorandum of understanding. A term sheet is a document which sets out certain terms of a transaction agreed in principle between parties, and is typically negotiated and signed at the beginning of a transaction.
In summary, the LOI is an initial expression of interest that sets the framework for negotiations, the NBIO is an initial non-binding offer presented by the buyer, and the Term Sheet outlines the key terms and conditions of a potential deal, acting as a roadmap for further negotiations.