Today we are joined by Paula Tallon, Tax Director at Prosperity Advisors group. Together, Paula & Joanna run through traps in deal term sheets that are too detailed, and what to think about when you're preparing your Heads of Agreement or commercial term sheet documents. Even though in this episode we were talking specifically about term sheets used in business and share sale and acquisition transactions, the warnings are just as relevant for any MOU, LOI, heads of agreement or commercial terms type document. Ultimately you need to be clear on whether or not you want that document to be binding - and if it is binding, whether you intend for the whole or just part of it to be enforceable because ultimately your legal and tax position can ride on fine distinctions.

[EP 131] Trap alert: Watch out for these mistakes in Terms Sheets and Heads of Agreement with Paula Tallon | Aspect Legal