Naming rights are the right to name a piece of property, either tangible property or an event,
usually granted in exchange for financial considerations. Institutions like schools, places of worship
and hospitals have a tradition of granting donors the right to name facilities in exchange for contributions.
Securing the naming rights for stadiums, theaters, and other public gathering places is seen
by companies as a form of advertising, and naming rights deals worth millions of dollars have been consummated.
Pouring Rights
Exclusive permission granted to a beverage manufacturer or bottler to control beverage distribution at a venue,
such as a school or stadium, or an event, such as a sports tournament.
Term Sheet
A term sheet is a bullet-point document outlining the material terms and conditions of a business
agreement. After a Term Sheet has been "executed", it guides legal counsel in the preparation of a proposed
"final agreement". It then guides, but is not necessarily binding, as the signatories negotiate, usually with legal counsel,
the final terms of their agreement.
Term sheets are very similar to "letters of intent" (LOI) in that they are both preliminary, mostly non-binding documents meant
to record two or more parties' intentions to enter into a future agreement based on specified (but incomplete or preliminary) terms.
The difference between the two is slight
and mostly a matter of style:
an LOI is typically written in letter form and focuses on the parties intentions;
a term sheet skips most of the formalities and lists deal terms in bullet-point or similar format.
There is an implication that an LOI only refers to the final form. A term sheet may be a proposal, not an agreed-to document.
