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Hello, my name is Tara Chan and welcome to TDW Tech Byte. Today I will be talking about term sheets for investment rounds. Ill talk about a few points, starting with: What is a term sheet? Then: Why is a term sheet useful? Are there steps I should take to prepare before starting to discuss a term sheet? Who exactly prepares term sheets? Can I change the agreed terms in a term sheet in the long-form documents? And last: Can I walk away from a term sheet if I change my mind? Starting with the first point, what exactly is a term sheet? A term sheet is a summary of the business finance and legal terms that will apply to an investment round. Usually, it is not a legally binding document except for a few provisions such as confidentiality costs and exclusivity clauses. Second, why are term sheets useful? Two words: cost savings. The term sheet is probably the single most cost-saving process in negotiating an investment round. The term sheet is a roadmap for docum