Additional Details

A Term Sheet is also sometimes called a Memorandum of Understanding.

It is intended as the first step to a Business or Share Sale Agreement and is helpful in narrowing the key issues between the parties before a more extensive Agreement is entered into. The Term Sheet is a way to ensure that both parties understand the key terms that have been agreed upon and allows the closing documents to be prepared with fewer back and forwards between the parties.

Learn more about how to buy or sell a medical practice using You Legal's key steps to prepare for a successful sale.

1. We take your instructions over the telephone;

2. We prepare and send you the first draft of the Term Sheet;

3. You are welcome to either talk to us on the telephone (for up to 30 minutes) or email your comments and questions about the draft Agreement;

4. We will complete one complimentary round of changes to the Term Sheet (if required and if instructions are received within 30 days of us sending you the first draft).

Frequently Asked Questions

If you are considering engaging You Legal to prepare a Term Sheet for the Sale of your Practice (could be a share sale or asset sale), here’s what you need to know:

The Term Sheet will contain the details of the assets that will be transferred, the initial deposit and purchase price as well as anything that could impact that price, a timeframe for due diligence and other salient details.

When it comes to selling a business, there are many factors to consider and negotiations to be had. One important document that can help streamline the process is a term sheet. Term sheets are an essential part of the process of buying or selling a business. They outline the terms and conditions of a proposed deal and serve as a starting point for negotiations. The Term Sheet is a way to ensure that both parties understand the key terms that have been agreed upon and allows the closing documents to be prepared with fewer back and forwards between the parties.

In fact, a Term Sheet is also sometimes called a Memorandum of Understanding. So, if you’re looking for one of those, you are in the right place!  This document can have either name, it does the same thing.

A Term Sheet isn’t the ‘be all and end all’ of a sale – it is intended as the first step to an Asset, a Business or Share Sale Agreement and is helpful in narrowing the key issues between the parties before a more extensive and detailed Agreement is entered into.

The above price is inclusive of the finalised Term Sheet and the process of getting there. From providing us with the information to making sure you understand it and making the changes you request, to getting your finalised Term Sheet. For more details on the exact process and what’s included, see the ‘Once you purchase this product’ section above.

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