For an investment fund we have standardised the term sheet. The fund does a large number of investments per year. They spend a lot of time and money drafting the deal documentation. The customer benefits from a standard document that can be easily reused. And that is perceived as a kick-starter at the beginning of a process, rather than as a show-stopper.
We reduced the term sheet to 1 page. The clauses that belong together have been grouped together, including simple icons and clear headers.
The document acts as a starting point during negotiations. Parties have an empty version on the table. The various open themes are discussed and negotiated. These can be filled in on the spot by hand. Subsequently the document can be finalised. Parties can digitally fill out and sign the template.
As a result, the investment fund has dramatically increased the deal speed. The legal uniformity of their documents increased. And not unimportant: counterparts experience the paperwork around the deal as positive and modern.
Legal Analysis Sera Visser, Maurits Fornier
Graphics Maurits Fornier