What is a term sheet?
An example of an AI chatbot conversation about understanding term sheets in business deals.
Can you explain what a term sheet is?
A term sheet is a non-binding document that outlines the basic terms and conditions of an investment or deal.
What key elements are typically included in a term sheet?
Key elements usually include the investment amount, valuation, equity stake, and any special rights or obligations.
Is a term sheet legally binding?
No, a term sheet is generally non-binding, but it can lead to a binding agreement if both parties agree to the terms.
How does a term sheet differ from a contract?
A term sheet outlines the main points of a deal, while a contract is a legally binding agreement that includes detailed terms.
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