Term Sheet for Business Partnership
I. Introduction
This Term Sheet outlines the preliminary terms and conditions for a potential partnership between [Your Company Name] and [Partner Company Name]. The purpose of this document is to facilitate discussions and provide a framework for the partnership agreement. The terms outlined here are subject to negotiation and may change based on mutual agreement between the parties.
II. Parties Involved
[Your Company Name]
Address: [Your Company Address]
Representative: [Your Name], [Your Title]
Contact Information: [Your Email], [Your Phone Number]
[Partner Company Name]
Address: [Partner Company Address]
Representative: [Partner's Name], [Partner's Title]
Contact Information: [Partner's Email], [Partner's Phone Number]
III. Key Terms
3.1 Partnership Structure
3.2 Scope of Partnership
Activities: The partnership will involve joint research and development of software applications for urban mobility and sustainability.
Duration: The initial term of the partnership will be 3 years, with options for renewal upon mutual agreement.
3.3 Financial Terms
3.4 Governance and Decision-Making
Management Structure: The partnership will be governed by a joint steering committee comprising representatives from both parties.
Decision-Making: Major decisions will require unanimous consent of the steering committee.
3.5 Intellectual Property Rights
Ownership: Intellectual property developed during the partnership will be jointly owned with rights to use agreed upon by both parties.
Licensing: Each party grants the other non-exclusive rights to use relevant intellectual property.
IV. Confidentiality and Non-Disclosure
Both parties agree to maintain the confidentiality of all proprietary information shared during the partnership discussions and term negotiations. Non-disclosure agreements (NDAs) may be required for detailed discussions and technical exchanges.
V. Termination and Exit Clause
In the event of termination, the terms and conditions of exit, including intellectual property rights, financial settlements, and obligations, will be outlined in a separate agreement to be mutually agreed upon.
This Term Sheet is a preliminary document and does not constitute a legally binding agreement. The final partnership terms will be subject to negotiation, due diligence, and the execution of a formal partnership agreement. For inquiries or to discuss the terms further, please contact [Your Name] at [Your Email] or [Partner's Name] at [Partner's Email].
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