M&A
What to agree before signing a term sheet?
Starting point
Start by identifying the subject of the deal: shares, assets or a specific part of a business. An indicative price is useful once both sides understand what it covers and which assumptions it rests on. List open issues before agreeing a diligence timeline.
What to agree in practice
Separate commercial terms from commitments the parties want to apply immediately, such as confidentiality or exclusivity. For exclusivity, agree its duration and expected milestones. Decide how the parties will communicate a decision to stop.