Draft a joint-venture or shareholders' term sheet
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Draft a term sheet that follows the points the lawyer has settled, with a square-bracket gap for every point not yet settled. Do not expand it into a long-form agreement.
- What the lawyer must review
- The term sheet is a commercial list until you decide whether it is binding. Read every line against the instructions before it is sent. It is not a form supplied by the Delaware General Corporation Law. The board and officer rules in that law are not the shareholders' deal. Formal Opinion 512 and Comment 8 to Rule 1.1: you understand the tool and you check the text. Model Rule 1.6: keep the instructions confidential.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes preparing preliminary structure or wording. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm that the actual tool, feature and processing terms permit use of this information, including access, retention, training and disclosure conditions.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.