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Taken literally - yea. But you can fix it pretty easily just by adding the standard "this is nonbinding" language that all term sheets have. That's a little i
by swampthing 14y ago
Taken literally - yea. But you can fix it pretty easily just by adding the standard "this is nonbinding" language that all term sheets have. That's a little inelegant though. Probably what would be best is just to have a page defining the protocol (and clarifying that it is nonbinding) and have people link to it in their handshake email.
- tomp 14y agoWhat's the point in making a non-binding agreement? Isn't it easier to just not make one?
- swampthing 14y agoThe same as with this handshake deal - it formalizes a level of commitment that the community recognizes as one that you should not back out of under normal circumstances (e.g. if the other side is being perfectly reasonable). You don't want the handshake deal to force people to invest no matter how unreasonable the company ends up being in the paperwork they send over.
- michaelt 14y agoSame reason you might get engaged prior to getting married?