A term sheet is a non-binding document. It involves the broad concept of the terms and conditions and their crucial role in the valuation. The initial idea of a term sheet is that the parties, i.e. the founders and investors discussabout the business and reach a stage where they have a preliminary level of comfort in working with each other in the business. Even though it is a non-binding agreement, but few clauses such as exclusivity, governing laws and confidentiality are mandatory.
It codifies the discussions and includes things the parties have agreed to do informally and not on a legal basis. After the term sheet, there will be a due diligence process, and the parties will eventually negotiate, decide upon it and sign the agreement. The term sheet creates no contractual obligations on the investor to invest and on the company to issue shares to the investor.
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