This is an alternative form of the letter of intent for a technology joint venture. It addresses the dicussions between the two companies to date and provides signature lines for each company to confirm the discussions.
Virginia Alternative Form of Term Sheet / Letter of Intent for Technology Joint Venture
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State:
Multi-State
Control #:
US-TC0409
Format:
Word;
PDF;
Rich Text
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How to fill out Alternative Form Of Term Sheet / Letter Of Intent For Technology Joint Venture?
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FAQ
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.
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.
Many startup and small business owners can get confused by the differences between a Shareholders Agreement and a Term Sheet. The main point of difference is that, generally, a Term Sheet is not intended to be legally binding while Shareholders Agreements are legally binding.
The purpose of the LOI is to come to an agreement on the major terms, such as price, and to allow the parties to begin the due diligence period. The only elements of the LOI that are usually binding are the exclusivity, confidentiality, and no-hire provisions.
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.