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Confidentiality Agreements, Term Sheets and Letters of Intent and Due Diligence: The Tricky Wickets, Honey Badgers and Cobras of the M&A World
At the beginning of an acquisition transaction, there are several steps in the process that could serve as a trap for the unwary. Confidentiality agreements typically represent the first step in conversations with the other side. Once a confidentiality agreement is signed, the parties often turn to the negotiation of a term sheet or letter of intent, which outlines the terms and conditions of the arrangement. After the term sheet or letter of intent is signed, the due diligence process usually kicks into high gear.