1. Costs and Expenses: Used when parties need to address who bears the costs of negotiations and preliminary work

2. Exclusivity: Include when parties wish to discuss terms of exclusive negotiations, though enforcement may be limited

3. Good Faith: Optional statement about parties' intention to act in good faith, relevant in complex negotiations

4. Governing Law: While non-binding, may be included to indicate intended jurisdiction for future binding agreements

5. Dispute Resolution: Include for complex arrangements where parties want to agree on how to handle disagreements during negotiations

6. Representatives: Used when specific individuals are designated as primary contacts for discussions

7. Timeline: Include when there's a specific schedule for negotiations or implementation of discussed terms

1. Term Sheet: Summary of key commercial terms under discussion

2. Contact Details: Detailed contact information for key representatives and parties

3. Project Timeline: Proposed schedule of activities and milestones, clearly marked as non-binding

4. Technical Specifications: Preliminary technical requirements or specifications under consideration