Importance of a Term Sheet
A term sheet is a crucial report, specifically for an Indian entrepreneur. For instance, when a businessman has been negotiating and drafting an agreement for a long time now, the chances of finding the fundamentals of the contract not agreed upon is much high. However, in scenarios such as the above, a term sheet fixes the conflict by stating the core groundwork for the final commitment. The term sheet thereby helps emulate the expansive agreement of the consenting groups on the tangible conditions, such as cost, portions, appraisal, alertness and pre-emption.
Benefits of a Term Sheet
Prevent Unwanted Expenses
A term sheet is commonly used to arbitrate the discrepancies on the essential facets of any trade contract before outlining the actual agreement, thereby avoiding any unwanted expenses from a company's reserves.
Time-Saving
A term sheet is drafted to put a plan in place for the consenting parties involved instead of drafting a contract that is being refused by both. However, the details of the clauses won’t be present, but rather contain the fundamentals of how they would be reached upon.
3 Business Days
Upon contact, your request to file for a term sheet will be received and our representative will be in touch with you to take your request forward. If we need more information from your end, we will call you as and when required. After we receive all your details, our in-house lawyers and legal experts, will create your term sheet and send it across for your view within 2- 4 business days.
2 Business Days
Your original price includes two rounds of iterations. Therefore, if you need any changes done to the term sheet, our lawyers will do the needful and send it across to you for your view once again.
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Documents required for Term Sheet Review
In India, Term Sheet Review cannot be done without proper identity and address proof. These documents will be needed for all the directors and the shareholders of the company to be incorporated. Listed below are the documents that are accepted by MCA for the online company registration process acceptable.
Identity And Address Proof
- Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
- Scanned copy of Voter’s ID/Passport/Driver’s License
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned passport-sized photograph specimen signature (blank document with signature [directors only])
For the foreign nationals, an apostilled or notarized copy of the passport has to be submitted mandatorily. All documents submitted should be valid. The residence proof documents like the bank statement or the electricity bill must be less than 2 months old.
Registered Office Proof
For online company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned copy of Notarized rental agreement in English
- Scanned copy of No-objection certificate from the property owner
- Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.
