Training Guide

M&A Term Sheets


Training Guide

M&A Term Sheets

M&A Basics
Remote or in person

What’s Covered

  • Why term sheets are used
  • Format 
  • Contents 
  • Drafting 
  • Binding vs. nonbinding

Before the Session

Prepare the Attendees

Send the attendees an invitation for the session. Include this link, which has the videos and exercise they’ll need to prepare.

Prepare Yourself

Watch the videos and read the exercise so you’re familiar with the Hotshot material.

  • still frame from Format, Contents and Drafting


    M&A Term Sheets

    A look at term sheets, including reasons why they are and aren’t used in M&A deals and some style and drafting tips.

  • Icon of a document


    M&A Term Sheets


During the Session

Part 1: Knowledge Check

Ask attendees these questions to ensure they understand the topic:

  • What are some reasons to use term sheets? 
  • What are some reasons against using term sheets? 
  • Name some terms that are commonly included in term sheets.
  • Do parties need to specify if a term sheet is intended to be binding?

Part 2: Group Exercise

Lead a group discussion based on the exercise. To encourage collaboration, divide the attendees into groups to discuss the exercise, then have a representative from each group summarize their views to the larger group. Call on people to share their thoughts and ask others to respond.

Tip for remote sessions: use your web conferencing system’s breakout room feature to divide people into groups.

Part 3: War Stories and Firm Specifics

Share your own experiences and guidance, including:

  • Anecdotes and war stories (e.g., about a near-disaster or a tough negotiation)
  • General practice tips (dos and don’ts)
  • Firm-specific guidance and practices

After the Session

To continue their learning, attendees can check out related courses in Hotshot’s M&A Basics topic.

About Hotshot

Hotshot helps lawyers develop their legal, business, and technology skills through short videos, quizzes, and summaries, and we help law firms and law schools plan and deliver engaging training programs. Our customers include Am Law 200 firms, top law schools, and regional and international firms.

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