Revised Term Sheet
I. Introduction
This Revised Term Sheet outlines the updated terms and conditions of the agreement between [YOUR COMPANY NAME] ("Company") and [COUNTERPARTY NAME] ("Counterparty") following negotiations and amendments. It serves as a formal record of the parties' evolving agreements and facilitates the finalization of the transaction based on mutual understanding.
The revisions and amendments incorporated in this document reflect the latest terms agreed upon by the Company and Counterparty. By documenting these changes comprehensively, both parties aim to ensure clarity, transparency, and alignment in moving forward with the transaction.
II. Details of Parties
A. Company Details
Company Name: [YOUR COMPANY NAME]
Address: [YOUR COMPANY ADDRESS]
Contact Person: [YOUR NAME]
Email: [YOUR COMPANY EMAIL]
Phone: [YOUR COMPANY NUMBER]
B. Counterparty Details
Counterparty Name: [COUNTERPARTY NAME]
Address: [COUNTERPARTY ADDRESS]
Contact Person: [COUNTERPARTY CONTACT NAME]
Email: [COUNTERPARTY EMAIL ADDRESS]
Phone: [COUNTERPARTY PHONE NUMBER]
III. Key Terms and Conditions
A. Transaction Overview
The transaction pertains to the sale of intellectual property rights for a new software application developed by [COUNTERPARTY NAME]. Both parties agree to the transfer of ownership and rights, with the following key terms:
Transaction Amount: $500,000
Payment Schedule:
Initial payment of $250,000 due on April 15, 2050
Final payment of $250,000 due on May 30, 2050
Delivery Schedule: Software transfer to be completed by June 30, 2050
B. Scope of Services
The Company commits to offering technical support services for six months following the sale of the software. This support is designed to facilitate a smooth transition and to guarantee the correct integration of the software into the customer's systems.
C. Timeline
The parties involved in this agreement are committed to fulfilling all components of the transaction, which include making all necessary payments and completing the transfer of ownership, with the deadline for these actions set as June 30, 2050.
IV. Legal and Compliance
A. Governing Law
This agreement shall be governed by and construed by the laws of [GOVERNING JURISDICTION]. Any disputes arising from or related to this agreement shall be exclusively resolved in the courts of [GOVERNING JURISDICTION]. The choice of [GOVERNING JURISDICTION] law ensures clarity and consistency in interpreting and enforcing the terms of this agreement.
B. Dispute Resolution
Any disputes that arise out of or are related to this agreement shall be settled by undergoing arbitration proceedings in [STATE/COUNTRY]. The arbitration shall be conducted by the rules and procedures of [ARBITRATION INSTITUTION], with the location of arbitration to be determined by mutual agreement of the parties or as decided by the arbitrator. Both parties agree to abide by the final decision rendered by the arbitrator, which shall be binding and enforceable in [STATE/COUNTRY].
V. Additional Provisions
A. Confidentiality
Both parties involved in this transaction have come to a mutual agreement to uphold and preserve the confidentiality of any proprietary information that is exchanged between them during this transaction.
B. Amendments
This Revised Term Sheet supersedes any prior agreements or understandings between the parties and can only be amended in writing and signed by authorized representatives of both parties.
[YOUR COMPANY NAME]
[DATE SIGNED]
[COUNTERPARTY NAME]
[DATE SIGNED]
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