Document background
The Term Sheet Share Purchase Agreement is a crucial preliminary document used in Philippine corporate transactions to memorialize the key commercial and legal terms of a proposed share acquisition. It serves as a roadmap for the transaction and subsequent detailed documentation, typically used after initial negotiations but before comprehensive due diligence and definitive agreements. The document reflects Philippine corporate law requirements while incorporating international best practices in M&A transactions. It includes essential elements such as transaction structure, purchase price mechanics, conditions precedent, and timeline, while considering local regulatory requirements such as Philippine Competition Commission approval where applicable. This document is particularly important in the Philippine context where business relationships often rely on clear preliminary agreements before proceeding with detailed transaction documentation.
