In this article, let’s understand the concepts of three types of pre-contractual instruments – Term Sheet, Memorandum of Understanding and Letter of Intent and learn how to draft them. Pre-contractual instruments are as vital as the main contracts because they herald the beginning of a long and fruitful business association. Imagine you are meeting up a person to do business, discuss the key terms and then want to record them so that you are clear about the mutual understanding and can prepare the main contract basis the same. But the document that is drawn up is vague, unclear and totally […]