One of the panels at the SuperConference stressed the importance of term sheets for clients. Term sheets help clients think through what they ought to nail down regarding a transaction. Their spadework saves lawyers’ time and saves the lawyers from having to harass the clients for answers to crucial factual questions (See my post of March 11, 2007: Kraft project with term sheets; and Aug. 31, 2005: Food Lion and its use of term sheets.).
Term sheets play an important role in the whole contract process and the productivity of lawyers who nurture contracts (See my post of May 5, 2006: contracts with 15 references; and July 17, 2008: contract lawyers with 12 references.).