Image via Wikipedia
this is how i like to do it too. and in the vast majority of cases I haven’t sent out a term sheet without an agreement in principle. but there have been exceptions like everything else in the world.
Wow, stop the f—-ing train. Never, ever, ever sign a term sheet without your attorney reviewing it. That’s crazy talk. By all means have discussed all the major terms in advance of getting paper, but that’s not the point. I know how to read the things very well, but I’m not an attorney, and it’s a legal document (non-binding or otherwise).
If you can’t find an attorney that will get the work done in the completely reasonable day or two suggested, and for a reasonable price, get in touch with Ropes & Gray. Tell ‘em @orenmichels and/or I sent ya.