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A term sheet is a non-binding agreement that outlines the basic terms and conditions under which an investment will be made. It acts as a template to develop more detailed legal documents.
A term sheet usually includes details about the ownership (equity) stakes to be given to the investor, the type of investment (equity, debt, convertible note, etc.), investor rights, and any conditions precedent to the investment. Though term sheets are non-binding, they often serve as the foundation for the legal documents that formalize the investment. It's crucial to thoroughly understand the terms outlined in a term sheet before moving forward, as these terms will shape the nature of the investor's relationship with the company.
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