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.
Wyoming 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
A joint venture is a combination of two or more parties that seek the development of a single enterprise or project for profit, sharing the risks associated with its development.
What Is a Term Sheet? A term sheet is a nonbinding agreement that shows the basic terms and conditions of an investment. The term sheet serves as a template and basis for more detailed, legally binding documents.
A Joint Venture (JV) Agreement is a contract between at least two business entities or individuals entering into a temporary business relationship. By joining forces, the parties hope to achieve a mutual goal. For example, with this business relationship, each party can: Grow without needing outside funding.
A venture capital (VC) term sheet is a statement of the proposed terms and conditions for a proposed investment. Most of the terms are non-binding, except for certain confidentiality and exclusivity rights. Founders who receive a term sheet need to understand, from a legal perspective, how to manage the process.
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.
Summary. This template nonbinding term sheet summarizes the principal terms of a private joint venture transaction under a limited liability company in which two parties are securityholders in a majority/minority split. This template contains practical guidance, drafting notes, and alternate and optional clauses.