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Why do I need a Term Sheet for a Proposed Project?
This Term Sheet for Project (also known as a Memorandum of Understanding or MOU) is a very useful, cost-effective tool for businesses working on a new, significant or unusual arrangement with another business (for example, a strategic partnership, collaborative product development or new marketing project). Establishing the agreed key points for a proposed project or deal ensures everyone is on the same page from the get-go. It can save loads of time, legal fees and disruptive arguing down the road.
Using our Term Sheet will help identify any differing project assumptions or resourcing/funding shortages and establish the level of commitment to the project. It's much better to find out upfront than after you’ve spent a fortune on lawyers!
What’s in this Term Sheet for Project?
The terms are non-binding, meaning they do not create any legal rights or obligations and are to be used for discussion purposes only. However, there are a couple of key exceptions to this – confidentiality (information shared between the parties must be kept secret) and exclusivity (the parties can’t discuss the project or deal with anyone else for an agreed time).
How long will it take to create my document?
10 minutes – less time than doing the coffee run!
What information do I need to complete the Q&A?
- The name and contact details of all parties
- Description of the proposed project or deal
- Each party’s expected contributions
- Any assumptions you’ve made (eg, budgeting, revenue projections)
- Timeline of activities including proposed launch date
What if I need help?
On Your Terms has teamed up with Luminate Legal to offer its customers the option of obtaining legal advice from a lawyer to provide extra assurance and peace of mind. If you would like to ask a lawyer some quick questions about your document (or your responses to the Q&A), or have your document reviewed/edited by a lawyer, click here to view and select Luminate Legal's packages and fixed-fee pricing exclusively for On Your Terms customers. Alternatively, you can ask your own lawyer to review your document.
What do I do once my document is created?
The term sheet is ready to sign as soon as you have downloaded it. It must be signed by both parties.
Other helpful information:
- Check out our helpful blogs: When a Confidentiality Agreement is your best friend, Do I really need T&Cs?
- You may also find these bundles or documents useful for your business: One-Way Confidentiality Agreement, Mutual Confidentiality Agreement, Services Agreement and Independent Contractor Agreement
- Check out our FAQs here
If you’re unsure whether this agreement is what you need, reach out to us at hello@onyourterms.co.nz – we’re happy to help!
Disclaimer: On Your Terms was created to provide fast, easy and affordable access to legal information and documentation. We are not a law firm and do not provide legal advice. The information and documents we provide are of a general nature, designed for common situations, and may not be suitable for your needs or circumstances. If you need legal advice, we have a network of specialist law firm partners able to help you here.