Service Term Sheet

1. Introduction

This Service Term Sheet ("Term Sheet") outlines the key terms and conditions under which [YOUR COMPANY NAME] ("Service Provider") will provide services to Global Tech Innovations LLC ("Client"). This Term Sheet is intended as a summary of the main points and is not legally binding unless expressly stated. The detailed terms and conditions will be outlined in the formal agreement.

2. Scope of Services

The Service Provider agrees to provide the following services to the Client:

IT Infrastructure Management: Comprehensive management and monitoring of the Client’s IT infrastructure, including servers, networks, and data storage systems.

Cloud Migration Services: Assisting the Client in migrating their existing IT infrastructure and applications to a cloud-based environment.

Cybersecurity Solutions: Implementation and maintenance of cybersecurity measures to protect the Client's data and systems from unauthorized access and breaches.

The specific details, deliverables, and timelines associated with these services will be further elaborated in the final agreement.

3. Term and Termination

Start Date: The services will commence on January 1, 2061.

Duration: The initial term of the services shall be for a period of 3 years from the Start Date.

Termination: Either party may terminate this Term Sheet with 60 days' written notice. Termination for cause will be elaborated in the formal agreement.

4. Payment Terms

Fees: The Client agrees to pay the Service Provider the following fees:
- IT Infrastructure Management Fee: $250,000 per annum.
- Cloud Migration Services Fee: $150,000 (one-time fee).
- Cybersecurity Solutions Fee: $100,000 per annum.

Payment Schedule: Payments will be made according to the following schedule:
- Initial Payment: 50% of the total fees due on January 1, 2061.
- Second Payment: 25% of the total fees due on July 1, 2061.
- Final Payment: Remaining 25% of the total fees due on January 1, 2062.

Late Payments: Late payments will incur a penalty of 1.5% per month on the outstanding balance.

5. Responsibilities of the Parties

Service Provider's Responsibilities:
- Deliver services as outlined in the Scope of Services.
- Provide regular updates on the progress of the services.
- Ensure that all deliverables meet the agreed-upon quality standards.

Client's Responsibilities:
- Provide all necessary information and resources required for the Service Provider to fulfill its obligations.
- Make timely payments according to the agreed schedule.
- Review and approve deliverables within 10 days of receipt.

6. Confidentiality

Both parties agree to maintain the confidentiality of all proprietary information and materials exchanged in connection with this Term Sheet. The obligations of confidentiality will survive the termination or expiration of this Term Sheet for a period of 5 years.

7. Intellectual Property Rights

All intellectual property rights, including but not limited to copyrights, trademarks, and patents, related to the services provided under this Term Sheet, will remain the property of the Service Provider unless otherwise agreed in writing. The Client will be granted a limited, non-exclusive license to use the deliverables for their intended purpose.

8. Dispute Resolution

Any disputes arising out of or in connection with this Term Sheet shall be resolved through the following process:

Negotiation: The parties will attempt to resolve the dispute through good-faith negotiations.
Mediation: If negotiations fail, the dispute will be referred to mediation by a mutually agreed-upon mediator.
Arbitration: If mediation fails, the dispute will be resolved through binding arbitration, in accordance with the laws of the State of New York, United States.

9. Governing Law

This Term Sheet shall be governed by and construed in accordance with the laws of the State of New York, United States, without regard to its conflict of law principles.

10. Miscellaneous

Amendments: Any amendments to this Term Sheet must be made in writing and signed by both parties.

Entire Agreement: This Term Sheet constitutes the entire understanding between the parties and supersedes all prior discussions and agreements.

Severability: If any provision of this Term Sheet is found to be invalid or unenforceable, the remaining provisions will continue in full force and effect.

Counterparts: This Term Sheet may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[YOUR COMPANY NAME]
[YOUR COMPANY ADDRESS]
[YOUR COMPANY EMAIL]
[YOUR COMPANY NUMBER]
[YOUR COMPANY WEBSITE]

Global Tech Innovations LLC
New York, NY 10001
[email protected]
222 555 7777

This Service Term Sheet is effective as of January 1, 2061.