Document background
The Asset Purchase Agreement Term Sheet is used in the initial stages of asset purchase transactions governed by English and Welsh law. It is particularly useful when parties have reached preliminary agreement on key commercial terms but need to document these before proceeding with detailed due diligence and final documentation. The term sheet typically includes details about the assets being purchased, purchase price, payment terms, conditions precedent, and timing considerations. While primarily non-binding, it serves as an important reference point for lawyers drafting the final agreement and helps ensure all parties have the same understanding of the transaction structure.
