Partnership Term Sheet
I. Introduction
This Partnership Term Sheet ("Term Sheet") sets forth the key terms and conditions governing the proposed partnership between [Your Company Name] ("Company") and [Partner Company Name] ("Partner"). The Term Sheet is intended to serve as a preliminary agreement to facilitate further negotiations toward a formal partnership agreement.
II. Partnership Details
Parties:
Purpose of Partnership:
The parties intend to collaborate on developing a new software product for the healthcare industry.
Duration:
The partnership shall commence on April 30, 2050, and shall continue until terminated as per the terms outlined herein.
III. Key Terms
[Your Company Name]: Will contribute $100,000 in cash and provide technical expertise.
[Partner Company Name]: Will contribute $50,000 in cash and assist with market research.
[Your Company Name]: 60% ownership and governance rights.
[Partner Company Name]: 40% ownership and governance rights.
Responsibilities and Obligations:
[Your Company Name] will lead software development, while [Partner Company Name] will focus on market analysis and client acquisition.
IV. Financial Terms
Profit Sharing:
Expenses:
Both parties shall equally share expenses related to software development and marketing.
Financial Reporting:
Financial reports shall be provided quarterly, including revenue, expenses, and profit distribution details.
V. Termination
Termination Events:
The partnership may be terminated upon mutual agreement or due to a material breach of the Term Sheet.
Effect of Termination:
Upon termination, assets and liabilities shall be divided as per the partnership agreement.
VI. Miscellaneous
Confidentiality:
Governing Law:
VII. Signatures
Executed by the parties on the date first above written.
[Your Name]
[Your Title]
[Your Company Name]
[Partner Name]
[Partner Title]
[Partner Company Name]
Term Sheet Templates @ Template.net
