Term sheet checklist

Check and agree

Read the document to make sure it meets your needs and that everyone involved agrees with the Term sheet. Remember that if you have any questions you can easily Ask a lawyer.

Sign to make it legal

  1. Print a copy of the Term sheet for each party to the agreement.
  2. The founders of the Investee Company should sign the Term sheet, together with the Lead investor and any Additional investors.
  3. You cannot sign the Term sheet online.
  4. If the Lead investor is being afforded management rights, print out the management rights letter at the end of the Term sheet and have the Lead investor and the founders sign it.
  5. You cannot sign the management rights letter online.
  6. The date of execution of the Term sheet is the date on which the parties signed. If they signed on different days, then it is the day when the last person signed.

Store

A copy of the Term sheet will be stored under "My Documents" in your Rocket Lawyer account.

Each party should keep their own signed original of the Term sheet, as well as a copy for their records.