How do I use the agreement key term sheet?

The agreement key term sheet is a key feature of Virtual Terms, designed to simplify and streamline the process of creating and customizing your agreements. When you open the Virtual Terms editor to draft or edit an agreement, the key term sheet editor will be your starting point and main workspace.

Think of the key term sheet as a summarized version of your agreement, highlighting key terms in a clear, concise format. It's divided into sections that correspond to the main components of your chosen agreement type, making it easy to navigate and fill in and edit the required information.

Each section of the key term sheet will have fields or prompts for you to input the relevant details or make selections.

As you work through the key term sheet, you'll notice that some fields are pre-populated with standard language or default options. These are based on common industry terms and, depending on the agreement types, further tailored based on which party to the agreement you selected that you are for that agreement (i.e., the “Provider” or the “Customer”). 

But you can easily further modify them to fit your needs. Simply click on the field or section you want to modify and make your changes directly in the term sheet.  In each case, there are two ways to do so:

• Drop Downs: Click on the underlined text to get a list of options. Click on any option you wish to select. In some cases, you can enter custom text 
• Editing Text Boxes: Click the Edit/Pencil button to edit text boxes. 
  • You can type, cut and paste, etc. and use basic formatting tools.  
  • Don’t like what you did? Click “Reset to Default” to reset it to our default language.  
  • If you are good with it, hit the “Save” button and move to the next.  

If you need to add additional clauses or provisions that aren't included in the default terms, VirtualTerms makes it easy to do so. Either edit the text box as provided above, or at the end there will be an “Additional Terms” text box where you can add any additional provisions or you can amend any of the key terms or standard terms..

As you complete each section of the term sheet, be sure to review the information carefully. But, if you need to make changes, simply navigate back to the relevant section and update it as needed.