Term Sheet for Services
Term Sheet for Services
1. Introduction
This Term Sheet for Services ("Term Sheet") outlines the key terms and conditions governing the provision of services by [YOUR COMPANY NAME] ("Service Provider") to Tech Innovators LLC ("Client"). This document serves as a non-binding summary of the principal terms of the proposed service agreement, with the intent to guide the drafting of a formal agreement.
2. Scope of Services
Description of Services: The Service Provider will deliver the following services to the Client:
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Web Development, Content Creation, and Social Media Management.
Project Milestones: The Service Provider agrees to complete the following milestones by the specified dates:
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Milestone 1: Website Design Mockups by January 15, 2060.
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Milestone 2: Content Creation for Launch by February 20, 2060.
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Final Delivery: Full Website and Social Media Integration by March 31, 2060.
Deliverables:
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Website Design Mockups
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Final Website
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Monthly Reports on Social Media Engagement
3. Compensation and Payment Terms
Service Fees: The Client agrees to pay the Service Provider a total fee of $150,000 for the services provided under this Term Sheet.
Payment Schedule:
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Initial Payment: 30% of the total fee ($45,000) due upon signing of the formal agreement.
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Progress Payment: 40% of the total fee ($60,000) due upon completion of Milestone 1.
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Final Payment: 30% of the total fee ($45,000) due upon final delivery of services.
Late Payments: Any payments not made within 15 days of the due date will be subject to a late fee of 1.5% per month.
4. Timeline
The Service Provider shall commence work on December 1, 2059, and shall complete the services by March 31, 2060. Any delays caused by the Client or unforeseen circumstances shall be communicated promptly and may result in an extension of the timeline.
5. Intellectual Property
Ownership: All intellectual property rights in the deliverables created by the Service Provider during the provision of services shall be transferred to the Client upon full payment of all fees.
License: The Service Provider retains the right to use the deliverables for promotional purposes, including in portfolios and case studies, unless otherwise agreed upon in writing by both parties.
6. Confidentiality
Confidential Information: Both parties agree to maintain the confidentiality of all proprietary information exchanged during the course of this engagement. Neither party shall disclose any confidential information to third parties without prior written consent from the other party.
Duration of Confidentiality: The obligations under this confidentiality clause shall survive the termination of this Term Sheet for a period of 5 years.
7. Termination
Termination for Cause: Either party may terminate this Term Sheet and any subsequent formal agreement for cause if the other party materially breaches any of the terms and fails to remedy such breach within 30 days of receiving notice.
Termination for Convenience: The Client may terminate this Term Sheet for convenience with 45 days written notice, provided that the Client compensates the Service Provider for all work completed up to the date of termination.
8. Miscellaneous
Governing Law: This Term Sheet shall be governed by and construed in accordance with the laws of the State of California, United States, without regard to its conflict of law provisions.
Entire Agreement: This Term Sheet represents the entire understanding between the parties and supersedes all prior discussions, agreements, or representations related to the subject matter herein. Any amendments to this Term Sheet must be made in writing and signed by both parties.
Year: 2060
This Term Sheet is entered into on this 1st day of December, 2059.
Signature:
[YOUR NAME]
Chief Executive Officer
[YOUR COMPANY NAME]
Date: December 1, 2059
Mike King
Chief Operating Officer
Tech Innovators LLC
Date: December 1, 2059
