Expert's guide to understanding Term Sheets | Zi Yang Lim, Head of Legal, Jungle Ventures | Summary and Q&A

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August 15, 2022
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Jungle Ventures
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Expert's guide to understanding Term Sheets | Zi Yang Lim, Head of Legal, Jungle Ventures

TL;DR

Term sheets are a valuable tool for aligning parties involved in a healthcare startup, focusing on broad principles rather than exhaustive details.

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Questions & Answers

Q: What is the purpose of a term sheet in the context of healthcare startups?

Term sheets serve as a tool to align parties involved in a healthcare startup, establishing broad principles and guiding the direction of the company.

Q: What parts of a term sheet are usually legally binding?

In a healthcare startup term sheet, sections that often have legal binding include confidentiality agreements and the choice of governing law.

Q: How long should it take to finalize a term sheet in a healthcare startup?

Ideally, the process of finalizing a term sheet should take a couple of weeks. If it takes longer, it may indicate a lack of alignment or insufficient time and resources dedicated to the process.

Q: Is it important to discuss unusual or distinct elements of the deal during the term sheet stage?

Yes, it is crucial to raise any unique or unusual aspects of the deal early on in the term sheet discussions to ensure alignment and avoid surprises later in the process.

Summary & Key Takeaways

  • Term sheets are not meant to be overly difficult or challenging but are useful for ensuring alignment among stakeholders.

  • While most of the term sheet is not legally binding, sections like confidentiality and governing law are typically binding.

  • The length of term sheets varies based on personal preference, ranging from long and detailed to short and focused on important principles.

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