Cocktail napkin

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All that is not flannel, boilerplate or mere verbiage. The key terms, that you hacked out in a still, small moment of clarity when the inspiration struck you, in some nasty bar in a bad part of town, but that through which you clenched the deal.

Also known as a termsheet, the cocktail napkin is the concentrated essence of your deal. Everything of importance — everything needed to confirm that your respective idems reached a consensus is there: you’re done, you are locked, loaded, and all you now need are the legal eagles to wheel in the Machine that goes Ping and smother the whole thing in acres of boilerplate. Within nine months you’ll be live!

See also

• ClauseHub