Term sheet by Common Paper
This document is a non-binding Term Sheet designed to outline mutual intentions and assist in negotiations for a future definitive agreement. It includes a binding confidentiality clause to protect shared information during the negotiation process. The Term Sheet serves as a preliminary framework before formalizing terms.
How to set up a term sheet
Fill in details that you are committing to using the table below.
Don’t forget to enter your company’s information in the signature block at the end.
Remove this first page.
Send to your counterparty for review and signature.
Term Sheet
This non-binding Term Sheet ("Term Sheet") expresses our mutual excitement and intention to work together as detailed below. Final details, terms, and conditions will be as mutually agreed in a separate, binding agreement ("Definitive Agreement"). This Term Sheet is meant to assist our negotiation of the Definitive Agreement. As such, this Term Sheet is non-binding and no liability nor obligation is intended to be created between either of us, except for the portion called Confidentiality. This Term Sheet does not require either of us to enter into a Definitive Agreement nor does it preclude the Definitive Agreement from including additional provisions.
Our current intentions are as follows:
[ Topic ] | [ details about the topic ] |
[ Topic ] | [ details about the topic ] |
Confidentiality
We each have or may disclose information about our company that is confidential or proprietary in nature or that should be reasonably understood as confidential or proprietary due to its nature and the circumstances of its disclosure ("Confidential Information"). Neither of us will (a) use the other's Confidential Information; nor (b) disclose the other's Confidential Information to anyone else except as required by applicable law. In addition, we each will protect the other's Confidential Information using at least the same protections that we use for our own similar information but no less than a reasonable standard of care.
By signing this Term Sheet, each party acknowledges their intent as outlined in the Term Sheet and agrees to the confidentiality terms.
PARTY 1: [official company name] | PARTY 2: [official company name] | |
Signature | ||
Print Name | ||
Title | ||
Contact Address | ||
Date |
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