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Is a term sheet a legal document?

A term sheet is generally not considered a legally binding document, but it can include provisions that may be binding, such as exclusivity or confidentiality clauses. Its primary purpose is to outline the key terms and conditions of a proposed investment or business agreement and serve as a guide for the negotiation process. Once the final agreement is reached, it will be documented in a separate legal agreement, such as a stock purchase agreement or an asset purchase agreement.

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