Congratulations -- you have proposals that have been accepted by all parties! ADR Notable can now help you generate a Term Sheet.
In the Landmark Mall Development example below, our fictitious mediator, Donna Parsons, will draft an informal Term Sheet or MoU that will go to the attorneys Mark and Catherine who will draft the final legal agreement. But ADR Notable (and especially the library of clauses that you create) will also serve you well if you draft the final legal agreements yourself.
This is the Term Sheet Donna Parsons created in ADR Notable and Word. Open the Word document attached below to see more.
Let's get started!
1. The proposals that have been agreed upon will "populate" your Term Sheet, so before starting, make sure that you have selected Accept Proposal on your Noteboard wherever appropriate. Read Proposals and counter-proposals for more information.
2. Open your Term Sheet via the Case Menu (or the Case Dashboard > Term Sheet tab) and you will see that the text of the most recent version of each agreed-upon proposal automatically appears in the Agreements section:
3. Edit the Agreements as needed. You can also type in language for the Preamble section and the Other Terms section or insert clauses that you created and stored in My Library. It takes just seconds to insert clauses...
Open the Term Sheet Annotated document attached below to see a summary of the edits made to the Landmark Mall Term Sheet.
4. Time to sign? To complete the process immediately, simply ask the participants to type in their names for Digital Signatures. If you prefer to have a printed version signed, you can add a Signature Block clause that you have stored in My Clauses -- or have a signature block as part of your Word or Google Doc template as shown in the Microsoft Word example attached below.
At this stage, you have several options: you can print the Term Sheet to a printer, you can save it as a PDF, or you can copy the text into an email or a document template for a more finished look.
5. Print to a PDF or Printer... Perhaps you want to email a draft version to the participants and/or the attorneys for review. The easiest way to do that is to Select the Print button which will open a Print dialog box. Save it as a PDF and it's ready to share.
6. ...Or copy the text blocks into a document. Whether you use Microsoft Word, Google Docs, or Apple Pages, all you have to do is hit the Copy button for each of the three text blocks and paste them into your own Term Sheet template. We have attached Donna Parsons's Term Sheet template below. Watch Donna create a Word version of her Term Sheet in less than a minute!