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In any situation where engaging [[external counsel]] ''does'' make sense, then dispensing with a [[termsheet]] is a charter for ''utter disaster''. The main commercial points of any arrangement are generally few, easily articulated, and well-suited to clipped adumbration in a table: like a [[termsheet]]. They can, then, be attacked, haggled over, articulated, refined, and beaten to a fine copper plate ''in the abstract'', by the business principals, quickly and without ceremony. The women and men whose prospects depend on it can arrive at agreed terms without the help of we forensic ''[[rentier|rentiers]]''. If they do this, by the time professional advisers get a look at it, the heat will have dissipated: the principles will be settled, the merchants’ [[Consensus ad idem|minds will have met]] and they will just want to get cracking with whatever they have resolved to do. Each will, therefore, urge its own counsel on with the following words:

This will disappoint most [[legal eagle]]s — like all performance artists, they like to be the main event — but still it ''must'' be the most effective critical path.