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Whenever engaging [[external counsel]] ''does'' make sense, dispensing with a [[termsheet]] is a charter for ''utter disaster''. | Whenever engaging [[external counsel]] ''does'' make sense, dispensing with a [[termsheet]] is a charter for ''utter disaster''. | ||
The main points of any commercial arrangement are generally few, easily articulated and well-suited to the clipped, tabular timbre of a [[termsheet]]. There they can be haggled over, refined and beaten to a fine copper plate ''in the abstract'', by the principals, quickly and without | The main points of any commercial arrangement are generally few, easily articulated and well-suited to the clipped, tabular timbre of a [[termsheet]]. There they can be haggled over, refined and beaten to a fine copper plate ''in the abstract'', by the principals, quickly, without ceremony and ''without lawyers''. These women and men should know their onions and therefore should trust themselves to agree commercial terms without legal help: it’s their money, after all. | ||
It is a sacred, but oft forgotten rule: [[the business owns legal issues]]. There’s even a [[Latin|Latinism]] for it: ''[[Ignorantia juris non excusat]]''. | |||
If they do, then by the time ''we'' get a look in, the heat will have dissipated, the commercials 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, commend the “legals” into its counsel’s care with the following words: | Each will, therefore, commend the “legals” into its counsel’s care with the following words: | ||