M&A와 같은 거래의 경우 계약 이전에 상방간의 계약조건을 협의하는 문서가 Term Sheet이다. 전형적인 Term Sheet에 들어가는 내용은 아래와 같다.
* Purchase price
* Type of Security
* Rights and Preference of Series A Preferred
* Dividend Rights
* Liquidation Preference
* Redemption
* Conversion Rights
* Anti-dilution provisions
* Voting Rights and Duration
* Protective Provisions
* Terms of the Share Subscription Agreement and Shareholders' Agreement
* Board of Directors
* Use of Proceeds
* Preemptive Right
* Right of First Refusal and Co-sale Agreement
* Put Right
* Indemnification
* Information Rights
* Confidential Information, Invention, Assignment and Management Service Contract
* Founder's Lock-up
* Confidentiality
* Governing Law
* Exclusivity
* Termination
* Expense