Settlement Agreement Term Sheet
Contrary to the defendant`s claim, the provisions of the term sheet are sufficiently clear to allow the parties to provide the service with sufficient certainty and the lack of agreement on certain details does not matter, since these details do not preclude the implementation of the agreement. The following reflects the parties` trading conditions in the following appeal – this term sheet is subject to AIG and Lead Plaintiffs obtaining all necessary permissions. AIG and Lead Plaintiffs will do their best to obtain all of these permissions. During further questioning by the judge, the parties acknowledged that they understood that „although [the term sheet] was a piece of paper“, „the agreement was legally binding and had the same force and effect as if the issues had been decided by the judge at the end of a trial. The parties also agreed that if they were not able to resolve „loose ends“ within a „reasonable period of time“, the roadmap would still be binding and the parties would not be able to „change their minds“. PandaTip: This could include who is going to design the agreement, or other procedural details on the steps to convert them from a term sheet to a final executed agreement….