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Imagine this scenario: You have spent a full day representing a client in mediation, and after eight long hours, the parties have agreed to a settlement. In order to reap the beneﬁ ts of your hard work, you want to memorialize the settlement. But you are tired and want to end the day quickly. You decide to jot down the basic terms on a term sheet and include a provision that the parties will enter into a more-detailed contract later. The parties sign the term sheet at the mediation.