Dr. Benjamin Ullrich, M.Jur. (Oxford) (photo: SMP.law)
On 4 December, the HPI School of Entrepreneurship organized a workshop on the subject of 'term sheets' and related topics with Dr. Benjamin Ullrich from law firm Schittker Möllmann Partners.
A term sheet lays the groundwork for ensuring that the parties involved in a business transaction are in agreement on most major aspects of the deal. It also ensures that expensive legal charges involved in drawing up a binding agreement or contract are not incurred prematurely. Rules about who is in control, such as the composition of the board and who has the first right to take over shares are included. On this evening we brought light to a complicated process that normally happens behind closed doors under heavy confidentiality.
The main aspects covered during the workshop included:
- Decoding the Term Sheet
- Do's and Dont's for Shareholder Agreements
- Steps and Important Aspects for the Realization of a Financing Round